Common Monetary Area

The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union (SACU). Although the South African rand is legal tender in all states, the other member states issue their own currencies: the Lesotho loti, Namibian dollar and Swazi lilangeni. However, these are exchanged at par with the rand and there is no immediate prospect of change. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.

Common Monetary Area

The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union (SACU). Although the South African rand is legal tender in all states, the other member states issue their own currencies: the Lesotho loti, Namibian dollar and Swazi lilangeni. However, these are exchanged at par with the rand and there is no immediate prospect of change. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.