Zambian kwacha
The Kwacha (ISO 4217 code: ZMW) is the currency of Zambia. It is subdivided into 100 "Ngwee".
Common Monetary Area
While the formal arrangements date back to 1974, they ultimately stem informal arrangements spanning back to prior to the formation of the South Africa in 1910 and when the South African Reserve Bank was formed 1921, the South African pound became the sole circulating legal tender in the territories that today form the CMA alongside Bechuanaland (now Botswana). This arrangement continued when the South African pound was replaced by the South African rand in 1961. The lack of monetary policy discretion, a formal framework for consultation and sharing of seignorage by South Africa for the smaller territories led to protracted negotiations which ultimately resulted in the formal 1974 agreement, however Botswana decided against joining the formalized arrangements and pursued an independent currency with its own central bank.
In 1989 the CMA changed its exchange restrictions because of some limitations in the conversion of balances consequence of the termination of the agreement of one party. The CMA was replaced by the present Multilateral Monetary Area (MMA) in February 1992, when Namibia formally joined the monetary union. In 1993 Namibia issued its own currency, the Namibian dollar.