Common Monetary Area

The Common Monetary Area (CMA ) is a monetary union in Southern Africa.

Member States of the CMA are:

  • Lesotho Lesotho since 1986
  • Namibia Namibia, since 1992
  • South Africa South Africa, since 1986
  • Swaziland, since 1986


The CMA was established in 1986 between Lesotho, South Africa and Swaziland and goes back to the edge of Monetary Area ( RMA) from the year 1974. After its independence in 1990, Namibia in 1992, member of the CMA.

The CMA aims at a balanced, all member countries of comprehensive economic development. In addition, the rise of the weaker states of the CMA is to be pursued, that all Member States equally benefit from the agreement.

The currency of the States Lesotho ( Loti ), Namibia (Namibia Dollar) and Swaziland ( Lilangeni ) are linked to the South African Rand in a 1:1 ratio. The edge is accepted as means of payment in these countries. The South African Reserve Bank is acting here as a central bank for the entire CMA.

Botswana is the only country in the Southern African Customs Union, who is also a member of the Common Monetary Area simultaneously.