The loti (plural: maloti) is the
currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific envi ...
of the Kingdom of
Lesotho
Lesotho, formally the Kingdom of Lesotho and formerly known as Basutoland, is a landlocked country in Southern Africa. Entirely surrounded by South Africa, it is the largest of only three sovereign enclave and exclave, enclaves in the world, t ...
. It is subdivided into 100 ''
sente'' (pl. ''lisente''). It is pegged to the
South African rand
The South African rand, or simply the rand, (currency sign, sign: R; ISO 4217, code: ZAR) is the official currency of South Africa. It is subdivided into 100 Cent (currency), cents (sign: "c"), and a comma separates the rand and cents.
The Sou ...
on a 1:1 basis through the
Common Monetary Area
The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a currency union, monetary union. The Southern African Customs Union (SACU) includes all CMA members in addition to Botswana, which replaced the South African ran ...
, and both are accepted as
legal tender
Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...
within Lesotho. The loti was first issued in 1966, albeit as a non-circulating currency. In 1980, Lesotho issued its first coins denominated in both loti and lisente (dated 1979) to replace the South African rand, but the rand remains legal tender.
The name derives from the
Sesotho
Sotho (), also known as ''Sesotho'' (), Southern Sotho, or ''Sesotho sa Borwa'' is a Southern Bantu languages, Southern Bantu language spoken in Lesotho as its national language and South Africa where it is an official language.
Like all Ba ...
''loti'', "mountain," while ''sente'' is from English "
cent".
In 1985, the
ISO 4217
ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individ ...
code was changed from into .
Coins
In 1980,
coin
A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by ...
s dated 1979 were introduced in denominations of 1 sente, 2, 5, 10, 25 and 50 lisente and 1 loti. In 1996, 2 and 5 maloti coins were introduced, followed by 20 lisente in 1998.
Coins in circulation are:
* 5 lisente
* 10 lisente
* 20 lisente
* 50 lisente
* 1 loti
* 2 maloti
* 5 maloti
Banknotes
In January 1980,
banknote
A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commerc ...
s dated 1979 (the last two digits of the year of issue are the serial number prefix denominator) were introduced in denominations of 2, 5 and 10 maloti. 20 and 50 maloti notes were added in 1981, followed by 100 and 200 maloti in 1994.
On 1 March 2011, at a celebration marking its 30th anniversary, the
Central Bank of Lesotho launched a new series of banknotes dated 2010 aimed at fighting the spread of counterfeits. The notes feature a portrait of the three royal family members: the current king, His Majesty Letsie III, is in the middle, his father King Moshoeshoe II is on the left, and the founder of the Basotho nation, King Moshoeshoe I, on the right.
Lesotho to issue new notes in March 2011
BanknoteNews.com. Retrieved 2012-03-20.
In 2021, the Central Bank of Lesotho issued a new series of loti banknotes that are similar to the 2010 series, but the note's size is reduced to incorporate updated security features, including tactile features for those with visual impairments and giving the notes an anti-bacterial and anti-viral varnish to protect the notes from surface soiling and preventing viral disease on the notes.
See also
* Economy of Lesotho
References
External links
Central Bank of Lesotho's official website
{{Portal bar, Africa, Money, Numismatics
Currencies of Africa
Circulating currencies
Fixed exchange rate
Currencies introduced in 1966
Currencies introduced in 1980
Economy of Lesotho