<P> This sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery . By the end of 2002, the currency was trading under R 9 to the dollar again, and by the end of 2004 was trading under R 5.70 to the dollar . The currency softened somewhat in 2005, and was trading around R 6.35 to the dollar at the end of the year . At the start of 2006, however, the currency resumed its rally, and as of 19 January 2006, was trading under R 6 to the dollar again . However, during the second and third quarters of 2006 (i.e. April through September), the Rand weakened significantly . </P> <P> In sterling terms, it fell from around 9.5 p to just over 7p, losing some 25% of its international trade - weighted value in just six months . Late in 2007, the Rand rallied modestly to just over 8p, only to experience a precipitous slide during the first quarter of 2008 . </P> <P> This downward slide could be attributed to a range of factors: South Africa's worsening current account deficit, which widened to a 36 ‐ year high of 7.3% of gross domestic product (GDP) in 2007; inflation at a five - year high of just under 9%; escalating global risk aversion as investors' concerns over the spreading impact of the subprime crisis grew; and a general flight to "safe havens", away from the perceived risks of emerging markets . The Rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the country's rapidly growing energy demands . </P> <P> A stalled mining industry in late 2012 led to new lows in early 2013 . In late January 2014, the Rand slid to R11. 25 to the dollar, with analysts attributing the shift to "word from the US Federal Reserve that it would trim back stimulus spending, which led to a massive sell - off in emerging economies ." In 2014 South Africa experienced its worst year against the US dollar since 2009, and in March 2015, the Rand traded at its worst since 2002 . At the time, Trading Economics released data that the Rand "averaged R4. 97 to the dollar between 1972 and 2015, reaching an all time high of R12. 45 in December of 2001 and a record low of R0. 67 in June of 1973 ." By the end of 2014, the Rand had weakened to R 15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world . </P>

Important features of notes and coins in south africa