23/03/2020: COVID-19 Pandemic Impact
The rand experienced significant volatility and depreciation as a result of the COVID-19 pandemic, affecting the country's economy and trade balance.
15/12/2008: Global Financial Crisis Impact
The rand plunged against major currencies due to the global financial crisis and concerns about South Africa's economic stability.
15/10/2006: New series of banknotes
Costa Rica introduced a new series of banknotes featuring enhanced security features to combat counterfeiting and modernize the colón currency.
09/11/2001: Rand Weakens to Record Low
The rand weakened to an all-time low against the US dollar, due to global economic uncertainty and domestic political concerns.
01/01/1995: Establishment of Reserve Bank Independence
The South African Reserve Bank gained independence, allowing it to have more control over monetary policy.
27/04/1994: First Democratic Elections
The first democratic elections were held in South Africa, marking the end of apartheid and bringing political stability, positively affecting the rand's value.
21/05/1991: Free-floating exchange rate
Costa Rica transitioned to a floating exchange rate regime, allowing the colón's value to be determined by market forces.
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
09/11/1961: Introduction of the Monetary Reform
Costa Rica implemented a monetary reform, replacing the old colón with a new one at a rate of 1 to 100, to combat inflation.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.
30/11/1949: Abolition of the army
After the abolition of the army, the Costa Rican government focused on economic development, leading to stable monetary policies for the colón.
14/12/1917: Establishment of the Central Bank of Costa Rica
The Central Bank of Costa Rica was established to oversee monetary policy, including the management of the colón.
09/04/1896: Adoption of the gold standard
Costa Rica adopted the gold standard, pegging the value of the colón to gold, leading to currency stability.
18/03/1850: Introduction of the Costa Rican colón
The Costa Rican colón was officially introduced as the currency of Costa Rica to replace the Spanish real.