Value of 2003 South African Rand today

R100 in 2003

R221.47 in 2020

The inflation rate in South Africa between 2003 and today has been 121.47%, which translates into a total increase of R121.47. This means that 100 rand in 2003 are equivalent to 221.47 rand in 2020. In other words, the purchasing power of R100 in 2003 equals R221.47 today. The average annual inflation rate has been 4.52%.

Inflation timeline in South Africa (2003-2020)

The following chart depicts the equivalence of R100 throughout the years due to 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (2003-2020) 121.05%
Total Inflation* 121.47%
Annual inflation avg. (2003-2020) 4.78%
Annual inflation avg.* 4.52%
CPI 2003 55.97
CPI 2020 123.72
CPI today* 123.95
R1 in 2003 R2.21 in 2020

* 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 with 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 17 years between 2003 and 2020 and the average inflation rate has been 4.5163%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = R100 * (1 + 0.05)17 = R221.05

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 2003 was 55.97 and the CPI today is 123.95. Therefore,

Final value = Initial value *
CPI final/CPI initial
= R100 *
123.72/55.97
= R221.05

South Africa inflation - Conversion table

Initial Value Equivalent value
R1 rand in 2003 R2.21 rand today
R5 rand in 2003 R11.07 rand today
R10 rand in 2003 R22.15 rand today
R50 rand in 2003 R110.73 rand today
R100 rand in 2003 R221.47 rand today
R500 rand in 2003 R1,107.34 rand today
R1,000 rand in 2003 R2,214.67 rand today
R5,000 rand in 2003 R11,073.37 rand today
R10,000 rand in 2003 R22,146.74 rand today
R50,000 rand in 2003 R110,733.71 rand today
R100,000 rand in 2003 R221,467.43 rand today
R500,000 rand in 2003 R1,107,337.13 rand today
R1,000,000 rand in 2003 R2,214,674.26 rand today

Value of Rand over time (by year)

Period Value
2003 100
2004 98.37
2005 100.53
2006 102.56
2007 107.5
2008 115.63
2009 126.4
2010 134.19
2011 138.67
2012 147.43
2013 156
2014 164.18
2015 172.94
2016 181.9
2017 194.75
2018 203.52
2019 212.48
2020 221.05
Today 221.47