Southern Africa could have common central bank

The Common Monetary Area, Southern Africa's 30-year-old monetary union, could have its own central bank within five years, the governor of the Central Bank of Swaziland, Martin Dlamini, told CentralBankNet.

The CMA (originally the Rand Monetary Area) is a monetary union of Lesotho, Namibia, South Africa and Swaziland. The currencies of Namibia, Lesotho and Swaziland are pegged to the South African rand on a one-to-one basis.

"We are looking into the possibility of one central bank," said Dlamin