The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a monetary union. The Southern African Customs Union (SACU) includes all CMA members in addition to Botswana, which replaced the rand with the pula in 1976 as a means of establishing an independent monetary policy. The CMA facilitates trade and promotes economic development between its member states.[1][2]
Although the South African rand is legal tender across the CMA, the other member states issue their own currencies exchanged at par with it: the Lesotho loti, Namibian dollar and Swazi lilangeni. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.
^Cite error: The named reference :0 was invoked but never defined (see the help page).
^Masha, Iyabo; Wang, Jian-Ye; Shirono, Kazuko; Harris, Leighton (2007). "The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges". SSRN Electronic Journal. doi:10.2139/ssrn.1007907. ISSN 1556-5068.
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