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Maker to South African Rand Converter and calculator

Convert 1Maker (MKR) to South African Rand (ZAR) equals R 56,467.39 | Bitget

ZAR information

About the South African Rand (ZAR)

What Is the South African Rand (ZAR)?

The South African Rand, designated as ZAR and symbolized as R, is the official currency of the Republic of South Africa. It is also recognized in the Common Monetary Area, shared with Lesotho, Namibia, and Eswatini, where it circulates alongside local currencies. The Rand is subdivided into 100 cents.

The South African Rand is issued by the South African Reserve Bank (SARB). The SARB is the central bank of South Africa and is responsible for the production and distribution of banknotes and coins in the country. It oversees the monetary policy and maintains financial stability in South Africa, playing a crucial role in the economy of the nation.

What Is the History of ZAR?

The Rand takes its name from the Witwatersrand, meaning "white waters' ridge" in Afrikaans, which is the location of Johannesburg and a major gold-mining area. Introduced in 1961 when South Africa became a republic, it replaced the South African pound at a rate of 2 Rand to 1 pound.

Notes and Coins of ZAR

South African coins are issued in denominations of 1, 2, 5, 10, 20, and 50 cents, and 1, 2, and 5 Rands. Banknotes are available in 10, 20, 50, 100, and 200 Rand denominations. Since 2012, banknotes have featured Nelson Mandela on the front and the "Big Five" wild animals on the back. Commemorative notes released in 2018 feature Mandela's images.

Exchange Rate History of ZAR

Initially, the Rand was strong, trading at 1.40 USD in its early years. However, due to inflation and international opposition to apartheid, its value declined. By 1985, it traded at 2 Rands per USD and continued to depreciate, reaching over 6 ZAR/USD by 1999 and nearly 14 ZAR/USD by 2001. After recovering to about 6-to-1 against the dollar by 2006, it faced another decline due to a slowdown in the mining industry and global economic factors. In 2016, it reached an all-time low of nearly 18 ZAR/USD.

What Is The Common Monetary Area?

The Common Monetary Area (CMA) is a monetary union in Southern Africa comprising South Africa, Namibia, Lesotho, and Eswatini. It facilitates the free movement of capital and services among these nations, with the South African Rand (ZAR) serving as the primary currency. Within this union, while each member country has its own currency, the Rand is also legal tender and the local currencies are pegged at par with the Rand. This arrangement ensures economic stability and fosters cooperation among the member states. The South African Reserve Bank plays a pivotal role in influencing the monetary policy across the CMA, thereby promoting a higher degree of economic integration and facilitating seamless trade and financial transactions across these national borders.

Is ZAR a Stable Currency?

The South African Rand (ZAR) has historically exhibited a degree of volatility, influenced by a combination of domestic challenges and global economic factors. Internally, issues such as political uncertainty, governance concerns, and high unemployment rates have impacted its stability, while externally, it remains sensitive to global market sentiments and fluctuations in commodity prices, notably gold, given South Africa's status as a major producer. Although there have been phases where the Rand demonstrated resilience, its nature as an emerging market currency often subjects it to rapid valuation shifts in response to both local and international events. This characteristic renders the Rand more volatile compared to currencies from more economically stable regions, leading to a general perception of it being less stable, especially when measured against major global currencies like the US Dollar.

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Bitget crypto-to-fiat exchange data shows that the most popular Maker currency pair is the MKR to ZAR, with for Maker's currency code being MKR. Use our cryptocurrency calculator now to see how much your cryptocurrency can be exchanged for ZAR.

MKR to ZAR conversion rate trend

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In the past 1D, Maker has changed +15.35% to ZAR. Based on the trend and price charts, Maker(MKR) has changed +15.35% to ZAR while South African Rand(ZAR) has changed % to MKR in the last 24 hours.

Conversion rate comparison of various exchanges

ExchangePriceMaker / Taker FeeTradable
Bitgethot-iconBest
R56,172.65
0.0001% / 0.0004%vip-iconVIP
Binance
R56,103.02
0.1000% / 0.1000%
Yes
OKX
R56,148.18
0.080% / 0.100%
Yes
Huobi
R56,081.75
0.1000% / 0.1000%
Yes
Gate.io
R56,114.87
0.1000% / 0.1000%
Yes
Bybit
R56,140.66
0.1000% / 0.1000%
Yes
KuCoin
R56,075.92
0.1000% / 0.1000%
Yes
Bitfinex
R56,022.09
0.1000% / 0.1000%
Yes
Last updated 2024/04/14 20:00:33(UTC+0)

What factors influence the conversion rate of Maker to South African Rand?

Maker to South African Rand is falling this week.
Maker's current market price is R 56,467.39 per MKR, with a total market cap of R 52,215,940,111.71 ZAR based on a circulating supply of 924,709.7 MKR. The trading volume of Maker has changed by +35.59% (R 917,993,866.34 ZAR) in the last 24 hours. Last trading day, MKR's trading volume was R 2,579,612,679.92.
Market cap
$2.77B
24h volume
$185.84M
Circulating supply
924.71K MKR

Conversion tables

The exchange rate of Maker is increasing.
1 MKR is currently valued at R 56,467.39 ZAR , which means buying 5 MKR will cost R 282,336.93 ZAR . Similarly, R1 ZAR can be traded for 0.{4}1771 MKR, and R50 ZAR can be converted to 0.0008855 MKR, excluding any platform or gas fees.
The exchange rate of 1 MKR to South African Rand has changed by -16.87% in the last 7 days. In the last 24 hours, the rate has fluctuated by +15.35%, reaching a high of 56,530.44 ZAR and a low of 47,209.37 ZAR . One month ago, the value of 1 MKR was R 50,724.27 ZAR , which represents a +11.32% change from its current value. Over the last year, Maker has changed by
+R
4,313.75ZAR
, resulting in a change of +289.09% in its value.

MKR to ZAR

Amount
20:34 today
0.5 MKR
R28,233.69
1 MKR
R56,467.39
5 MKR
R282,336.93
10 MKR
R564,673.87
50 MKR
R2,823,369.33
100 MKR
R5,646,738.66
500 MKR
R28,233,693.28
1000 MKR
R56,467,386.56

ZAR to MKR

Amount20:34 today
0.5ZAR0.{5}8855  MKR
1ZAR0.{4}1771  MKR
5ZAR0.{4}8855  MKR
10ZAR0.0001771  MKR
50ZAR0.0008855  MKR
100ZAR0.001771  MKR
500ZAR0.008855  MKR
1000ZAR0.01771  MKR
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Today vs. 24 hours ago

Amount20:34 today24 hours ago24h change
0.5 MKR$1,500.18$1,300.5
+15.35%
1 MKR$3,000.36$2,601
+15.35%
5 MKR$15,001.8$13,004.98
+15.35%
10 MKR$30,003.61$26,009.96
+15.35%
50 MKR$150,018.03$130,049.81
+15.35%
100 MKR$300,036.06$260,099.63
+15.35%
500 MKR$1,500,180.3$1,300,498.15
+15.35%
1000 MKR$3,000,360.6$2,600,996.3
+15.35%

Today vs. 1 month ago

Amount20:34 today1 month ago1M change
0.5 MKR$1,500.18$1,347.6
+11.32%
1 MKR$3,000.36$2,695.2
+11.32%
5 MKR$15,001.8$13,476.02
+11.32%
10 MKR$30,003.61$26,952.04
+11.32%
50 MKR$150,018.03$134,760.18
+11.32%
100 MKR$300,036.06$269,520.36
+11.32%
500 MKR$1,500,180.3$1,347,601.8
+11.32%
1000 MKR$3,000,360.6$2,695,203.6
+11.32%

Today vs. 1 year ago

Amount20:34 today1 year ago1Y change
0.5 MKR$1,500.18$385.58
+289.09%
1 MKR$3,000.36$771.15
+289.09%
5 MKR$15,001.8$3,855.76
+289.09%
10 MKR$30,003.61$7,711.52
+289.09%
50 MKR$150,018.03$38,557.62
+289.09%
100 MKR$300,036.06$77,115.23
+289.09%
500 MKR$1,500,180.3$385,576.17
+289.09%
1000 MKR$3,000,360.6$771,152.34
+289.09%

FAQ

This content is being provided to you for informational purposes only, does not constitute an offer, or solicitation of an offer nor a recommendation by Bitget to buy, sell, or hold any security, financial product, or instrument referenced in the content, and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Data presented may reflect asset prices traded on the Bitget exchange as well as other cryptocurrency exchanges and market data platforms. Bitget may charge fees for the processing of cryptocurrency transactions which may not be reflected in the conversion prices displayed. Bitget is not liable for any errors or delays in content or for any actions taken in reliance on any content.