The reciprocal obligation of South Africa is then to pay seignorage to the other countries in proportion to the Rand circulating within their respective regions. For consistency, moreover, exchange controls are harmonised throughout the region.
Most of the major South African banks have a presence in each of the member countries of the CMA as indicated in table 3: but, as of now, none of the home-grown banks in Lesotho, Namibia, and Swaziland have yet established a presence in South Africa.