Common Monetary Area (CMA)

Laurissa Mühlich

Chapter 10 in Advancing Regional Monetary Cooperation, 2014, pp 130-153 from Palgrave Macmillan

Abstract: Abstract The foundations for Southern Africa’s regional monetary cooperation date back to the beginning of the 20th century. When the South African Reserve Bank (SARB) was established in 1921, the British pound and, with its introduction in 1961, the South African rand became the regional medium of exchange and legal tender in South Africa, Botswana, Lesotho, Namibia, and Swaziland. “There were no internal restrictions on movements of funds within the area and virtually all external transactions were effected through banks in South Africa and subject to South African exchange controls” (Wang et al., 2007: 7).

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Member Country; Global Financial Crisis (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-1-137-42721-2_10

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DOI: 10.1057/9781137427212_10

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