Currency pair Euro - South African Rand (EUR / ZAR).
The European economy is steadily growing, which is reflected in the euro exchange rate. By 2018, unemployment rates in a number of countries are at a minimum level.
South Africa is the most economically developed country in the African continent. It has significant reserves of minerals, including copper, coal (80% of manganese and iron ore). Gold mining is declining and previously the country took first place, but now its China, Australia, Russia and others, yet it remains in the top ten. The country has developed the production of cars and, according to this indicator, it holds the first place in Africa. About 200 thousand cars a year are exported to Europe.
The main export destinations from South Africa are China, the United States, Germany, as well as neighboring Botswana and Namibia. Imports mostly come from China, Germany, the United States, India and the United Kingdom.
South Africa has a free trade agreement with the European Union and the European Free Trade Association (EFTA), to which Switzerland, Norway, Liechtenstein and Iceland also joined. These circumstances must be taken into account when trading forex with a pair of euro-rand.
Currency pair EUR / ZAR is built on the principle of direct quotation. The base currency is EUR, euro, and quoted - ZAR, South African rand. The appreciation of the currency pair means the strengthening of the euro against the South African rand, that is, for the purchase of one EUR, more ZAR is required. A decrease in the rate indicates the strengthening of ZAR. Using the current exchange rate chart, you can monitor the volatility of the currency pair in real time.
Euro (currency sign - €, bank code: EUR) - official currency of 19 eurozone countries (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia , Finland, France, Estonia). Also, the currency is used in nine countries that are not members of the euro area. The Euro is managed by the European System of Central Banks (ESCB), led by the European Central Bank (ECB).
South African Rand - (bank code: ZAR) is the official currency of the Republic of South Africa, it is also the currency of Namibia and Lesotho, which, together with South Africa, are parties to the Multilateral Currency Agreement. Also, the Swaziland-Lilangeni (SZL) currency is linked to the South African rand in a 1: 1 ratio, rand plays a significant role in the exchange rate of the national currency of Botswana-pula. The issuer of the rand is the South African Reserve Bank (South African Reserve Bank).
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