The currency used in South Africa is the South African Rand (ZAR). The Rand is subdivided into 100 cents and is symbolized by "R." It was introduced in 1961, replacing the South African pound. The Rand is named after the Witwatersrand, the ridge where gold was discovered in South Africa, which played a significant role in the country's economic development. The currency is managed by the South African Reserve Bank, responsible for issuing notes and coins. The Rand is also used in some neighboring countries and is subject to fluctuations based on trade, economic conditions, and global market factors.