Third, even the immediate relative price effects of trade with emerging economies are not as benign for inflation in industrial countries as is commonly assumed. The rapid industrialisation of economies like China and India has led to sharply rising energy demand from these countries. This demand has contributed markedly to the increases in oil and commodity prices over the past couple of years.
The early currency, including the rix dollar and stiver denominations, played a significant role in the early economic development of our country. South Africa later used the British pound sterling as its currency until 1961, when the rand was introduced.