The signatories were South Africa, Lesotho and Swaziland. The CMA has been replaced since 1992 by the current Multilateral Monetary Zone (MMA), when Namibia officially joined the Monetary Union. The monetary agreement between these countries is one of the most important themes of the agreement. As has already been established, each country has the right to have its own national currency. These currencies are legal tender only in their own countries. However, the South African rand is the subject of a CMA-wide tender. Well, that is not true, because, in terms of exchange rates, marginal monetary union or, say, the multilateral monetary zone refers to the national currencies of the Member States, which are only equally linked to the margin or monetary stability of the stability of the Member States and designed for a single monetary policy. The context and legal challenges Zimbabwe cannot simply enter marginal monetary union without addressing monumental legal challenges. It is impossible for the country to unilaterally take the margin without violating the agreement that binds the Member States on the periphery of the Union in the form of a 1974 pact, which was signed as the basis for the constitution of the Common Market Area Agreement (CMA). Among SACU members, only Botswana is no longer a member of the CMA after replacing the edge with the Pula in 1976. Botswana wanted to implement its own monetary policy and adjust the exchange rate in the event of a future economic problem that will also affect its economy. Monetary Agreements Article 2 of the CMA (Multilateral) agreement gives the three small Member States the right to tender for national currencies and their bilateral agreements with South Africa define the areas in which their currency is legal tender. Under bilateral agreements between Lesotho and South Africa and Namibia, the central banks of Lesotho and Namibia are required to settle foreign exchange reserves at least on the total amount of local currencies they issue.
These reserves may include the Central Bank`s assets on marginal balances, the marginal currency held by the Central Bank in a special-margin deposit account with SARB, the assets of the South African state (up to a certain share of total reserves) and investments in the Corporation for Public Deposit in South Africa.