EUR/ZAR: what to know
The EUR/ZAR rate shows how much ZAR you get for 1 EUR. Right now, 1 EUR buys 18.7456 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.0533 EUR.
In the short term EUR is driven mainly by ECB policy and eurozone growth, while ZAR responds to commodity prices and risk appetite.
The Euro (EUR) is issued by European Central Bank (ECB). The euro is the world’s second most-traded currency, after the US dollar. The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered.
Over the past 12 months the EUR/ZAR rate has ranged between 18.4989 and 20.5800 — a change of -7.69% versus a year ago.
Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.