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.
20/06/2012: Mexican Peso Becomes the Most Traded Emerging Market Currency
The Mexican peso surpassed the Brazilian real to become the most traded currency among emerging markets, reflecting Mexico's growing economic importance.
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.
01/01/2003: Introduction of the New Peso Symbol
The Mexican peso adopted a new symbol, replacing the old symbol (₱) with a capital 'P' with double horizontal lines (MXN) to symbolize the 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.
20/12/1994: Tequila Crisis
Mexico experienced a severe economic crisis and an abrupt devaluation of the peso as a result of the devaluation of the Thai baht, causing investors to flee emerging markets.
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.
01/01/1993: Implementation of the North American Free Trade Agreement (NAFTA)
NAFTA came into effect, promoting trade and investment between Mexico, the United States, and Canada, leading to increased stability and growth in the Mexican economy.
06/07/1988: Introduction of the New Peso
Due to hyperinflation and currency devaluation, Mexico introduced a new currency, called the New Peso, where 1000 old pesos were replaced by 1 new peso.
12/08/1982: Mexican Debt Crisis
Mexico defaulted on its external debt, leading to a sharp devaluation of the peso and a severe economic crisis, requiring an emergency loan from the International Monetary Fund (IMF).
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
13/08/1970: Devaluation of the Peso
In response to global inflation, the Mexican government devalued the peso by 20% against the US dollar, leading to economic instability and a decline in purchasing power.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.