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Common Monetary Area (CMA)

In: Advancing Regional Monetary Cooperation

Author

Listed:
  • Laurissa Mühlich

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).

Suggested Citation

  • Laurissa Mühlich, 2014. "Common Monetary Area (CMA)," Studies in Economic Transition, in: Advancing Regional Monetary Cooperation, chapter 10, pages 130-153, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-1-137-42721-2_10
    DOI: 10.1057/9781137427212_10
    as

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