Southern Africa Review

Source data

Selected dates in the history of the rand, Common Monetary Area and Botswana pula

Sources checked

1974 to 2005From national currency launches to Botswana’s crawling band
  1. 6 September 1974
    Lilangeni enters circulation

    Eswatini introduced its own legal tender at parity with the rand. Source 1

  2. 23 August 1976
    Botswana introduces the pula

    The pula replaced the South African rand as Botswana’s national currency. Source 2

  3. April 1977
    Botswana revalues the pula

    The Bank of Botswana records a 5% revaluation following the currency’s launch. Source 3

  4. 1980
    Botswana moves to a currency basket

    The new reference combined the rand and the Special Drawing Right. Source 3

  5. 1980
    Lesotho introduces the loti

    The loti’s value was fixed at par with the rand. Source 4

  6. April 1986
    Common Monetary Area agreement revised

    Lesotho, Eswatini and South Africa established the CMA under the revised agreement. Source 4

Show 3 more dates
  1. 1992
    Namibia joins the Common Monetary Area

    Namibia joined following independence in 1990. Source 4

  2. September 1993
    Namibian dollar enters circulation

    The Bank of Namibia launched national notes and coins, with the dollar at parity with the rand. Source 5

  3. May 2005
    Botswana introduces a crawling band

    The policy allowed gradual movement against the reference basket under a defined framework. Source 3

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Source 1 Source 2 Source 3 Source 4 Source 5 Source 6

Selected dates in the history of the rand, Common Monetary Area and Botswana pula

The table uses an exact date where the source gives one and a month or year where the record is less precise. It records monetary milestones and currency issuance rather than daily exchange rates.

9 records
Source
6 September 1974Lilangeni enters circulationEswatini introduced its own legal tender at parity with the rand.Source 1
23 August 1976Botswana introduces the pulaThe pula replaced the South African rand as Botswana’s national currency.Source 2
April 1977Botswana revalues the pulaThe Bank of Botswana records a 5% revaluation following the currency’s launch.Source 3
1980Botswana moves to a currency basketThe new reference combined the rand and the Special Drawing Right.Source 3
1980Lesotho introduces the lotiThe loti’s value was fixed at par with the rand.Source 4
April 1986Common Monetary Area agreement revisedLesotho, Eswatini and South Africa established the CMA under the revised agreement.Source 4
1992Namibia joins the Common Monetary AreaNamibia joined following independence in 1990.Source 4
September 1993Namibian dollar enters circulationThe Bank of Namibia launched national notes and coins, with the dollar at parity with the rand.Source 5
May 2005Botswana introduces a crawling bandThe policy allowed gradual movement against the reference basket under a defined framework.Source 3

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