The SARB was established on 30 June 1921 to issue, distribute and destroy banknotes and coin. The first banknotes were issued by the SARB on 19 April 1922.
The rand has been legal tender in South Africa since 1961, when it replaced the pound. It takes its name from the Witwatersrand – the ridge on which Johannesburg is built and where most of South Africa’s gold deposits were found.
The rand is legal tender in the Common Monetary Area, which includes, eSwatini, Lesotho and Namibia.
In 1996 the mandate of the SARB was expanded to include price stability maintenance, one of its main functions remains ensuring a sufficient supply of trusted banknotes and coin.
The Currency Management Department works with the South African Mint Company (RF) Proprietary Limited (SA Mint), which mints coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes. Both are subsidiaries of the SARB.
