Value of 1962 South African Rand today

R100 in 1962

R8,537.04 today

The inflation rate in South Africa between 1962 and today has been 8,437.04%, which translates into a total increase of R8,437.04. This means that 100 rand in 1962 are equivalent to 8,537.04 rand in 2018. In other words, the purchasing power of R100 in 1962 equals R8,537.04 today. The average annual inflation rate has been 8.11%.

Inflation timeline in South Africa (1962-2019)

The following chart ilustrates the equivalence of R100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (ZAR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1962-2018) 8,061.98%
Total Inflation* 8,437.04%
Annual inflation avg. (1962-2018) 8.18%
Annual inflation avg.* 8.11%
CPI 1962 1.4
CPI 2018 113.91
CPI today* 119.14
R1 in 1962 R81.62 in 2018

* Values extrapolated from the last official data to obtain today's values.

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are R100 worth today. There are 56 years between 1962 and 2018 and the average inflation rate has been 8.1142%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = R100 * (1 + 0.08)56 = R8,161.98

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1962 was 1.4 and the CPI today is 119.14. Therefore,

Final value = Initial value *
CPI final/CPI initial
= R100 *
113.91/1.4
= R8,161.98

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 1962 R85.37 rand today
R5 rand in 1962 R426.85 rand today
R10 rand in 1962 R853.7 rand today
R50 rand in 1962 R4,268.52 rand today
R100 rand in 1962 R8,537.04 rand today
R500 rand in 1962 R42,685.21 rand today
R1,000 rand in 1962 R85,370.41 rand today
R5,000 rand in 1962 R426,852.06 rand today
R10,000 rand in 1962 R853,704.12 rand today
R50,000 rand in 1962 R4,268,520.61 rand today
R100,000 rand in 1962 R8,537,041.22 rand today
R500,000 rand in 1962 R42,685,206.08 rand today
R1,000,000 rand in 1962 R85,370,412.16 rand today

Value of Rand in time (by year)

Period Value
1962 100
1963 101.62
1964 102.59
1965 107.12
1966 110.68
1967 114.89
1968 117.48
1969 120.71
1970 125.24
1971 131.83
1972 141.72
1973 151.61
1974 164.79
1975 187.86
1976 210.94
1977 234.01
1978 260.37
1979 290.04
1980 332.88
1981 385.62
1982 438.35
1983 497.67
1984 550.41
1985 622.92
1986 738.27
1987 873.4
1988 1,001.94
1989 1,127.18
1990 1,301.86
1991 1,489.73
1992 1,733.62
1993 1,898.42
1994 2,079.69
1995 2,284.03
1996 2,442.23
1997 2,669.65
1998 2,834.44
1999 3,088.22
2000 3,157.43
2001 3,378.26
2002 3,533.16
2003 4,010.44
2004 3,944.89
2005 4,031.63
2006 4,112.95
2007 4,311.08
2008 4,637.36
2009 5,069.02
2010 5,381.44
2011 5,561.08
2012 5,912.55
2013 6,256.22
2014 6,584.26
2015 6,935.73
2016 7,295.01
2017 7,810.51
2018 8,161.98
Today 8,537.04