R

Value of 1994 South African Rand today

R100 in 1994
R476.65 in 2023

The inflation rate in South Africa between 1994 and today has been 376.65%, which translates into a total increase of R376.65. This means that 100 rand in 1994 are equivalent to 476.65 rand in 2023. In other words, the purchasing power of R100 in 1994 equals R476.65 today. The average annual inflation rate between these periods has been 5.53%.

Inflation timeline in South Africa (1994 - 2023)

The following chart depicts the equivalence of R100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing 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 extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1994-2022 360.1%
Cumulative inflation 1994-today 376.65%
Avg. Annual inflation 1994-2022 5.6%
CPI 1994 30.64
CPI 2022 140.98
CPI 2022-12 (latest official data) 145.16
CPI today 146.05

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 Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1994 and 2022, use the corresponding CPI values:

Value2022
=Value1994 ×
CPI2022/CPI1994
=R 100 ×
140.98/30.64
R460.1

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 146.05:

Valuetoday
=Value1994 ×
CPItoday/CPI1994
=R 100 ×
146.05/30.64
R476.65

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: 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 28 years between 1994 and 2022 and the average inflation rate was 5.6023%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=R100 × (1 + 0.056023)28
R460.1

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 1994 R4.6 rand in 2022
R5 rand in 1994 R23.01 rand in 2022
R10 rand in 1994 R46.01 rand in 2022
R50 rand in 1994 R230.05 rand in 2022
R100 rand in 1994 R460.1 rand in 2022
R500 rand in 1994 R2,300.51 rand in 2022
R1,000 rand in 1994 R4,601.02 rand in 2022
R5,000 rand in 1994 R23,005.11 rand in 2022
R10,000 rand in 1994 R46,010.22 rand in 2022
R50,000 rand in 1994 R230,051.09 rand in 2022
R100,000 rand in 1994 R460,102.19 rand in 2022
R500,000 rand in 1994 R2,300,510.94 rand in 2022
R1,000,000 rand in 1994 R4,601,021.89 rand in 2022
Cumulative inflation From 1994 376.65%
Avg. annual inflation From 1994 5.53%
CPI 1994 30.64
CPI today 146.05

Value of Rand over time (by year)

Period Value
1994 100
1995 108.68
1996 116.67
1997 126.7
1998 135.42
1999 142.44
2000 150.04
2001 158.6
2002 173.66
2003 183.52
2004 182.25
2005 186.01
2006 192.04
2007 203.91
2008 224.45
2009 240.65
2010 250.49
2011 263.01
2012 278.07
2013 294.15
2014 312.18
2015 326.36
2016 347.8
2017 365.83
2018 382.36
2019 398.11
2020 410.89
2021 429.84
2022 460.1
2022-12 473.73
Today 476.65

All available years

Today's value of south african rand by year:

1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |

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