South African Rand (ZAR) Real Effective Exchange Rate (REER) - Historical Data
BIS Real Effective Exchange Rate (REER) index (base 2020 = 100) for the South African Rand (ZAR) issued by the South African Reserve Bank, spanning 1994 to 2026. The index measures the trade-weighted value of ZAR against a broad basket of 64 economies adjusted for relative consumer price inflation. A reading above 100 indicates higher real purchasing power relative to the 2020 baseline.
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
113.91
Prev (Aug 2026): 114.28-0.37
Highest Recorded (Jan 1994)
175.05
Strongest real trade-weighted valuation of the South African Rand (ZAR REER Index, 2020=100).
Lowest Recorded (Dec 2001)
85.69
Weakest real trade-weighted valuation of the South African Rand (ZAR REER Index, 2020=100).
Long-Run Mean (1994–2026)
123.78
33 annual observations · Monthly
South African Reserve Bank · ZAR
South African Rand (ZAR) Real Effective Exchange Rate (REER) (1994-2026)
Index (2020=100)Drag to pan, scroll to zoom, or toggle between full archive (1994–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) (WS_EER:M:R:B:ZA)
Latest: 113.91 (Sep 2026)
ZAR REER Index Averages by Decade
Decadal mean, peak, and trough across the 1994–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1990s | 1994–1999 | 151.17 | 165.12 (1994) | 134.99 (1999) |
| 2000s | 2000–2009 | 126.12 | 142.84 (2005) | 98.69 (2002) |
| 2010s | 2010–2019 | 118.45 | 142.16 (2010) | 99.60 (2016) |
| 2020s | 2020–2026 | 104.59 | 112.28 (2026) | 97.86 (2023) |
Complete Annual Historical Ledger (1994–2026)
Unit: Index (2020=100) · Source: Bank for International Settlements (BIS) (WS_EER:M:R:B:ZA)
| Year | Annual Value (Index (2020=100)) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|
| 2026 | 112.28 | 109.27 – 114.28 | - |
| 2025 | 103.70 | 98.54 – 108.44 | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 101.62 | 97.34 – 104.90 | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 97.86 | 93.71 – 102.00 | - |
| 2022 | 107.24 | 102.61 – 112.15 | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 109.46 | 104.07 – 114.63 | - |
| 2020 | 100.00 | 91.14 – 111.92 | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 111.07 | 107.66 – 114.52 | - |
| 2018 | 114.77 | 105.30 – 121.72 | - |
| 2017 | 113.05 | 105.27 – 119.47 | - |
| 2016 | 99.60 | 88.62 – 110.69 | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 107.06 | 94.13 – 112.71 | - |
| 2014 | 109.64 | 105.06 – 112.04 | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 116.61 | 109.14 – 123.25 | - |
| 2012 | 131.11 | 123.76 – 138.61 | - |
| 2011 | 139.47 | 126.96 – 146.84 | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 142.16 | 134.88 – 149.93 | - |
| 2009 | 123.48 | 103.98 – 135.12 | - |
| 2008 | 113.38 | 101.71 – 128.70 | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 129.22 | 124.24 – 133.35 | - |
| 2006 | 137.05 | 122.21 – 152.25 | - |
| 2005 | 142.84 | 135.13 – 147.27 | - |
| 2004 | 141.27 | 129.30 – 151.42 | - |
| 2003 | 129.70 | 116.73 – 140.02 | - |
| 2002 | 98.69 | 88.00 – 115.31 | - |
| 2001 | 115.07 | 85.69 – 124.68 | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 130.47 | 123.10 – 137.53 | - |
| 1999 | 134.99 | 133.07 – 138.11 | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 143.76 | 129.71 – 157.93 | - |
| 1997 | 155.30 | 144.90 – 159.00 | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 147.22 | 137.97 – 167.91 | - |
| 1995 | 160.61 | 155.09 – 167.12 | - |
| 1994 | 165.12 | 157.71 – 175.05 | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
Frequently Asked Questions - ZAR REER Index
What is the current Real Effective Exchange Rate (REER) of the South African Rand (ZAR)?
As of Sep 2026, the BIS Real Effective Exchange Rate index for ZAR is 113.91 (2020 = 100), compared with its long-run average of 123.78.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS)
- Dataset / Dataflow:
- BIS Effective Exchange Rate Indices (WS_EER)
- Canonical Series ID:
- WS_EER:M:R:B:ZA
- Reuse & License:
- Terms of permitted use of BIS statistics
- Calculated as geometric weighted averages of bilateral exchange rates adjusted by relative consumer prices (2020 = 100).
- Splices the BIS Narrow basket (1964-1993) with the BIS Broad 64-economy basket (1994-present) for continuous post-war historical coverage.
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). South African Rand (ZAR) Real Effective Exchange Rate (REER), compiled from Bank for International Settlements (WS_EER:M:R:B:ZA). https://centralbankdata.com/south-african-rand-real-effective-exchange-rate
BibTeX
@misc{cbd_reer_south_africa,
author = {CentralBankData.com},
title = {South African Rand Real Effective Exchange Rate},
note = {Compiled from Bank for International Settlements WS_EER:M:R:B:ZA},
year = {2026},
url = {https://centralbankdata.com/south-african-rand-real-effective-exchange-rate}
}Related South African Reserve Bank & Global Series
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