| A Brief History of the Central Bank of Lesotho | |
| The
Central Bank of Lesotho celebrated its Silver Jubilee on January 28. It was
established as the Lesotho Monetary Authority (LMA) under the LMA Act No 13
of 1978 although it started actual operations in 1980. An amendment of the
1978 Act enabled it to change its name to the Central Bank of Lesotho in
1982.
Governor Mr. Motlatsi Matekane says the CBL started off with three principal objectives, including the issuing and redeeming of notes and coins which are legal tender in the county; promoting and maintaining internal and external monetary stability and; fostering monetary, credit and financial conditions conducive to economic development. However, growth has seen its objectives diminish into one primary objective: achieving and maintaining price stability. It is lender of last resort and also banker to government. The Central Bank of Lesotho Act No 2 of 2000 gave the Bank a new legal dispensation, allowing it to enjoy "a fair amount of autonomy" in implementing monetary policy and in handling general issues of governance, according to Mr. Matekane. It has a staff complement of 196 and has seven departments, including research supervision, operations, financial markets, administration, information and communications technology and, the governor's office. It is governed by a Board of Directors consisting of the governor, two deputy governors and five non-executive directors. Former governors and deputy governors of the Bank include Mr. Kobeli Molemohi, the first governor of the Lesotho Monetary Authority; Mr Stefan Schoenberg; Dr. Mothae Maruping and deputy governors Mr. Haae Phoofolo; Mr. Thabang Nyeoe; Mr. Mapholo Borotho and Mr. Peete Molapo. 28 January 2005 |
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| source: LENA |