The Rand and the Monetary Systems of Botswana, Lesotho, and Swaziland

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Abstract
Botswana, Lesotho, and Swaziland are among very few countries which, in recent times, have for an extended period and without formal agreement used another national currency as their domestic circulating medium and legal tender. After many years of being de facto part of a larger monetary area using the South African currency, in 1972 the three smaller countries jointly initiated negotiations with Pretoria which led to the creation of an officially recognised Rand Monetary Area in December 1974. Thereafter they chose different arrangemènts which span the spectrum between continued integration with and separation from the monetary system of South Africa. The experiences of these countries, while of interest in themselves, may also be relevant to other governments with dependent currency systems which face similar options.

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