Course GBP(British Pound)-ZAR(South African Rand) for today

British Pound

The United Kingdom's central bank is the Bank of England. As the fourth most traded currency, the British Pound is the third most held reserve currency in the world. Common names for the British Pound include the Pound Sterling, Sterling, Quid, Cable, and Nicker.

• Central bank: The Bank of England
• The pound is the world’s oldest currency still in use and was the de facto global currency until WW II.
• The economy of Great Britain (or the United Kingdom) is the third largest in Europe, after Germany and France.
• Napoleon famously called the UK “a nation of shopkeepers”. Banking, insurance, and business services still account for a large proportion of the British GDP.

South African Rand

As a trading center, multiple currencies circulated throughout South Africa. The first official currency used was the Guilder. During the late 17th century, the Rixdollar was used and was the first South African currency to include paper notes. During British occupation, in 1826, the Cape Colony was put on a sterling basis, though other currencies, including Spanish Dollars, US Dollars, French Francs, and Indian Rupees continued to circulate. In 1921, the Reserve Bank of South Africa was established as the central bank. In 1961, the South African Rand replaced the Pound under a decimalized system. The ratio was 2 ZAR to 1 GBP.

• Central bank: The South African Reserve Bank
• “Rand” refers to Witwatersrand, the ridge where Johannesburg stands that contains most of the country’s gold deposits.
• South Africa is a middle-income, emerging market with abundant natural resources and well-developed infrastructure.
• South Africa is the world’s largest producer of platinum, gold, and chromium. In addition to these and other metals, it exports machinery, equipment, diamonds.
• Relatively high interest rates make ZAR a popular carry trade currency.