SA rand turns 60

The South African rand turned 60 years old yesterday, marking a significant milestone for the relatively young currency in global terms. Despite its youth, the rand has navigated through various challenges and historical events that have shaped its value and significance in the financial world. Market commentator, David Shapiro, shared insights on the currency's journey during an interview on CNBC Africa. Shapiro reminisced about the introduction of the rand when he was just 13 years old, highlighting the transition from the pound, shillings, and pence system to the decimal-based currency. He recalled the complexities of conversion and how it impacted everyday transactions, such as the cost of bubble gum and basic groceries. Shapiro also touched on the rand's historical performance compared to other major currencies, noting a consistent depreciation over the past six decades. He attributed this decline to various factors, including apartheid-era policies that eroded the currency's value and global perception. However, Shapiro emphasized the resilience and importance of the rand in South Africa's financial ecosystem, highlighting the country's world-class financial institutions and the rand's role as a reliable proxy for emerging markets in international trade. Overall, the South African rand's legacy reflects a journey of resilience, adaptation, and value in the ever-changing landscape of global finance.