The Rand money supply has increased 2,455% since 1988, from R93.5 billion to R2,390 billion in 2013.

In 1988, R1 was equal to 0.0011% of the total supply of Rands in existence. In January 2013, R1 is equal to 0.00004% of the total number of Rands in existence.

Thus, by increasing the total number of Rands circulating in the economy, the Reserve Bank has diluted the value of each Rand. This is why the Rand has lost so much purchasing power relative to crude oil and gold since then. Relative to the total Rand money supply, the Rand has lost 96% of its purchasing power.