Common Monetary Agreement

South Africa, Lesotho, and Swaziland are members of the CMA under which
they apply uniform exchange control regulations to ensure monetary order in
the region. Funds are freely transferable among the three countries, and
Lesotho and Swaziland have free access to South African capital markets.
Lesotho also uses the South African currency, the rand. The CMA was formed
in 1986 as a result of the renegotiation of the Rand Monetary Agreement
(RMA) which was originally formed in 1974 by the same member countries.