Monetary integration in Southern Africa

This IMF working paper finds that the current Common Monetary Area (CMA) agreements between South African, Lesotho, Swaziland and Namibia, although not a full monetary union, have delivered many benefits of a full monetary union.

The authors point out that "real GDP growth in the CMA as a whole has accelerated over the last two decades, and real income per capita, in purchasing power parity terms, has converged." They add: "the gap between the richest country, South Africa, and other member

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