Southern Africa targets 2016 for monetary union

Countries within the 13-member Southern African Development Community (SADC) have decided to achieve monetary and economic union by 2016, South African Reserve Bank governor Tito Mboweni said on Monday 28 February.

"The idea as I said is that by about 2016 there should be a SADC monetary union -- by definition a SADC common currency," Mboweni told reporters in reply to a question.

"What the currency is going to be I don't know -- that will be a subject of negotiation and discussion."

Mboweni was