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What (who) is Common Monetary Agreement - definition
TWO OR MORE STATES SHARING THE SAME CURRENCY WITHOUT THEM HAVING ANY FURTHER INTEGRATION
Monetary union; Currency Union; Monetary Union; Single currency; Common currency; List of monetary unions; Currency bloc; Monetary agreement
Common Monetary Agreement
South Africa, Lesotho, and Swaziland are members of the CMA under which they apply uniform exchange control regulations to ensure monetary order in the region. Funds are freely transferable among the three countries, and Lesotho and Swaziland have free access to South African capital markets. Lesotho also uses the South African currency, the rand. The CMA was formed in 1986 as a result of the renegotiation of the Rand Monetary Agreement (RMA) which was originally formed in 1974 by the same member countries.
European Monetary Agreement
 2020 EN.jpg?width=200 "Current member states of the European Union")
EUROPEAN AGREEMENT ESTABLISHING A MULTILATERAL FINANCIAL SETTLEMENT SYSTEM
European monetary agreement
The European Monetary Agreement (EMA) was an economic arrangement signed by 17 European countries in Paris on the 5th of August 1955. It replaced the European Payments Union which ended in 1958.
Common Monetary Area
MONETARY UNION. THE RAND MONETARY AREA, ESTABLISHED IN 1974, WAS TRANSFORMED INTO THE COMMON MONETARY AREA IN 1986. MEMBERS ARE LESOTHO, NAMIBIA, SOUTH AFRICA AND SWAZILAND.
Multilateral Monetary Area
The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a monetary union. It is allied to the Southern African Customs Union (SACU).
Wikipedia
Currency union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market).
There are three types of currency unions:
- Informal – unilateral adoption of a foreign currency.
- Formal – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime.
- Formal with common policy – establishment by multiple countries of a common monetary policy and monetary authority for their common currency.
The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency.
