S. Africa Considering Making Zimbabwe Join Common Monetary Area

27 April, 2009 in South Africa, Zimbabwe

source: CRI
2009-04-27 02:47:54
Xinhua
Web Editor: Chu Daye

South Africa is mulling the possibility of Zimbabwe joining the Common Monetary Area (CMA), which presently includes Namibia, Swaziland and Lesotho and is exploring the feasibility of Zimbabwe using the rand as a reference currency, local media reported on Sunday.

According to The Sunday Mail, South African Treasury spokesperson Thoraya Pandy said the country could only join the CMA after negotiating with its southern African neighbor on issues relating to interest rates, currency and inflation.

However, no negotiations have been planned. “Each country should individually weigh up the benefits and evaluate for themselves if there are any advantages (to using the rand),” explained Pandy, adding the country “needs to decide on whether a new currency or replacement currency will be necessary”.

Zimbabwe’s Minister of Economic Planning and Investment Promotion Elton Mangoma said the inclusive government is looking at all options available that are within the [continue reading]

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