The currency pair of the Pound to the South African rand, due to the stability of the economy of the Republic of South Africa and the economy of the United Kingdom, is popular with Forex traders.
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 production is declining, previously the country took first place, but now falls behind China, Australia, Russia and others, while still remaining in the top ten. The country has developed assembly 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. Also, South Africa is a global supplier of precious stones and metals.
The leading direction of the British economy is the service sector. The UK provides 10% of the world's export of services, including banking, brokerage, advisory and programming services. The second most important sector of the UK economy is industry: mining (2.2% of GDP) and manufacturing (14.7% of GDP). Mechanical engineering, transport, industrial goods and chemicals are the main directions of the country's exports. Oil production since the 1970s brought substantial profits in trade and allowed the country to reduce imports of petroleum products.
Using the current exchange rate chart, you can monitor the volatility of the currency pair in real time.
The GBP / ZAR pair is built on the principle of direct quotation. The base currency is GBP, the British pound, and the quoted currency is ZAR, the South African rand. The growth of the currency pair means the strengthening of the British pound against the South African rand, that is, to buy one GBP, more ZAR is required. A downgrade indicates a strengthening of the South African rand.
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. The rand also 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.
British pound, pound sterling or pound - (currency symbol: £, Bank code: GBP) is a currency that acts as the national currency of the United Kingdom of Great Britain and Northern Ireland (Great Britain), including England, Scotland, Wales and Northern Ireland. Also the pound is a parallel currency of the crown lands of Guernsey, Jersey and the Isle of Man. The pound sterling is a legal tender for the British overseas territories: the Falkland Islands, Gibraltar, St. Helena, Ascension and Tristan da Cunha. The Bank of England has the right of money issue and regulation.
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