Central Bank of Lesotho

Sub-region: 

 Governor 

 Dr. R.A. Matlanyane

Headquarters Maseru 100, Lesotho
Established 1978
Currency Loti - LSL (ISO Code )
Website www.centralbank.org.ls

 

Historical Development

The Central Bank of Lesotho (CBL) was first established as the Lesotho Monetary Authority in 1978, under the Lesotho Monetary Authority Act of 1978. It started its operations on January 2nd 1980. In 1982, through the Act of Parliament, the name Lesotho Monetary Authority was changed to the Central Bank of Lesotho (CBL) and additional functions and responsibilities were prescribed to the new institution. In August 2000, the Central Bank of Lesotho Act of 2000 came into force. This new Act has conferred considerable autonomy to the Central Bank and defines a singular objective for the Bank.

Ownership and Governance

The Central Bank of Lesotho is a statutory organisation fully owned by the Government of Lesotho.

The Central Bank enjoys a fair amount of independence in formulating and implementing monetary policy. The Governor, who is also the chairman of the Board of Directors, together with the two Deputy Governors, are appointed by His Majesty The King on the advice of the Prime Minister. The Minister of Finance appoints the other Board Members.

Brief presentation of Lesotho

Location: Southern Africa, completely surrounded by the Republic of South Africa. Situated between 28˚ and 31˚ South, and between 27˚ and 30˚ East, Lesotho lies outside the tropics.

Government: A constitutional monarchy with the monarch being head of state. The Prime Minister is head of government and cabinet. Parliament consists of elected Assembly and non-elected Senate.

Size: Approximately 30,355 sq. km.

Population: Approximately 2 million.

Terrain: A mountainous country with all its land lying at altitudes in excess of 1000m. A country popularly described as the “ Mountain Kingdom ” or “ Kingdom in the Sky ”. It is a land of heights and extremes. The mountain Thabana Ntlenyana has the highest peak in Southern Africa at 3482m. ’Maletsunane Falls, with the highest single drop in the Southern hemisphere at 192m, has the highest cliff in the world at 200m.

Climate: Temperate.

Weather: Hot summers and cold winters. There is more incidence of rain in the summer than in the winter.

Nationality: Mosotho (singular), Basotho (plural).

Capital City: Maseru

Religion: Christianity is the most dominant religion. Other religions include Islam, Hindu and indigenous.

Languages: Official languages are Sesotho and English. Others include Xhosa and Ndebele.

Central Banks: 

The loti

Data : not available

Central Banks: 

Annual Reports

Central Banks: 

Annual Report 2005

 

  • Central Bank of Lesotho 2005 Annual Report: This Annual Report reflects a review of economic developments during the year 2005.
  • 2005 Supervision Department Annual Report: The report-outlines significant changes undergone by the financial system since introdution of financial sector reforms, in the mid-nineties, to improve the system’s structure and efficiency.
Central Banks: