Common Monetary Area

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.

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.