16/03/2021: New 5 Rial Polymer Banknote Introduced
A new polymer banknote with a denomination of 5 rials was introduced, enhancing durability and security features of the currency.
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.
15/01/2003: New Omani Rial Banknotes Issued
New series of Omani rial banknotes were introduced, featuring enhanced security features and updated designs.
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.
12/06/1994: Smaller Denomination Coins Issued
Small denomination coins, including 5, 10, 25, and 50 baisa coins, were issued in order to facilitate everyday transactions.
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.
17/03/1986: 200 Baisa Coin Introduced
A new 200 baisa coin was introduced, becoming the highest denomination coin in circulation at that time.
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
11/11/1975: 1/8 Rial Copper-Nickel Coin Introduced
A new 1/8 rial coin made of copper-nickel was introduced, representing a fractional value of the rial currency.
02/03/1973: Rial Oman Pegged to US Dollar
The Omani rial was officially pegged to the United States dollar, with an exchange rate of 1 OMR = 2.895 USD.
27/07/1970: Rial Oman is Introduced
The Omani rial was introduced, replacing the Gulf rupee at a rate of 1 rial = 2.6008 rupees.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.