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Country Details

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LESOTHO
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Lesotho, officially the Kingdom of Lesotho, is an enclaved, landlocked country in southern Africa completely surrounded by South Africa. It is just over 30,000 km2 (11,583 sq. mi) in size and has a population slightly over two million. Its capital and largest city are Maseru. Lesotho is a member of the United Nations, the Commonwealth of Nations and the Southern African Development Community (SADC). The name Lesotho translates roughly into the land of the people who speak Sesotho. About 40% of the population lives below the international poverty line of US $1.25 a day.

Lesotho is geographically surrounded by South Africa and economically integrated with it as well. The economy of Lesotho is based on agriculture, livestock, manufacturing, mining, and depends heavily on inflows of workers’ remittances and receipts from the Southern African Customs Union (SACU). The majority of households subsist on farming. The formal sector employment consists of mainly the female workers in the apparel sector, the male migrant labor, primary miners in South Africa for 3 to 9 months and employment in the Government of Lesotho (GOL). The western lowlands form the main agricultural zone. Almost 50% of the population earn income through informal crop cultivation or animal husbandry with nearly two-thirds of the country's income coming from the agricultural sector.

Facts About Lesotho

  • Lesotho was formerly known as Basutoland. An individual is called a Mosotho and the people are called Basotho.
  • Sotho and English are the official languages of the country.
  • Lesotho is the only country in the world entirely above 1,000 m.

  • Finance Industry
  • Industries
  • Top Companies
  • GDP-Composition by sector
  • Main Products
  • Stock Exchange
  • Economical Crisis
  • Country History
  • Currency History

The country's financial system includes 4 commercial banks (40 branches), as well as various non-bank financial institutions (NBFIs) such as money lenders, 7 insurance companies, private pension funds, unit trusts, and Savings and Credits Cooperatives (SACCOs). The overall assets of the non-bank financial institutions (NBFIs), as a whole, are significant, standing at 31.7% of GDP in 2010, with insurance and pension funds being the two largest subsectors each with asset size at 14% of GDP. The sector grew by 8.7% of GDP from 2007 to 2010, faster than the pace (5.3% of GDP) of the formal commercial banking sector in the same period. The number of operative NBFIs in 2010 reached 235, compared with 185 in 2007.

Despite the crisis commercial banks continue to be well capitalized, liquid and profitable. Lack of competition, important transaction costs, and relatively high-interest rate spread still encumber the banking sector. The share of non-performing loans to total gross loans was 4% in 2009 and decreased to 2.9% in 2011. The credit to deposit ratio increased from 35% in 2010 to 41% in 2011.

Agriculture Maize, wheat, pulses, sorghum, barley.
Manufacture Diamonds, textiles, construction, beverages, food processing.
For More Details Go To 8 Industries + 1

Agriculture 5.3%
Industry 34.6%
Services (Including financial) 60.1% (2017 est.)

Company Industry
Central Bank of Lesotho Financial
Lesotho Sun Hotel Hospitality
Computer Business Solutions (CBS) Technology
Telecom Lesotho Telecom
Golden Hotel Hospitality
Lesotho Post Bank Financial
Nedbank Financial
Lesotho Airways Airline

Top Exports
Road Vehicles
Tobacco
Wool
Textile
Diamonds

Top Imports
Cars
Packaged Medicaments
Building Materials
Food
Petroleum

No Information



In the last few years, Lesotho has made significant progress in macroeconomic performance (strong GDP growth, fiscal surplus, current account surplus, and high international reserves). Nevertheless, Lesotho remains exposed to economic developments in South Africa (through the monetary union and the pegged exchange rate) and relies heavily on workers’ remittances, customs revenues from SACU, and royalties for transfer of water to South Africa.

Lesotho’s the vulnerability arises from two main sources: its huge dependence on textile exports to the US and on revenues from SACU (60% of total revenues). Firstly, the USA is Lesotho’s largest importer of its manufacturing exports (mainly textiles), and the recession lowered the aggregate demand by US consumers. Secondly, a slowdown in South Africa is likely to have a significant impact on remittances and SACU revenues. The recent large SACU transfers are in fact mostly due to growth in South African imports. Lower South African imports will therefore negatively affect Lesotho’s revenue stream. Similarly, retrenchments in South Africa will lower workers’ remittances towards Lesotho. 

SACU revenues are expected to decline in the next two years, resulting in the current account moving from surplus to deficit. Lesotho’s challenge is to reposition itself to take advantage of its proximity to SA markets, improve the efficiency of public resources, and exploit the potential of non-traditional sectors.

coins

The loti (plural: maloti) is the currency of the Kingdom of Lesotho. It is subdivided into 100 lisente (sg. sente). It is pegged to the South African rand on a 1:1 basis through the Common Monetary Area and both are accepted as legal tender 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 to replace the South African rand of Lesotho, though the Rand remains legal tender.

Coins in circulation are: 5 lisente, 10 lisente, 20 lisente, 50 lisente, 1 loti, 2 maloti, and 5 maloti.

coins

In January 1980, banknotes 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

Statistics

National Song"Lesotho Fatse La Bontata Rona"
CurrencyLesotho loti (LSL)
LanguagesSotho,English
Population1.937 Millions
GDP / GDP Rank6.976 Billion USD
GDP Growth Rate2.5 Percent
GDP Per Captial$3601.409 (PPP)
Size30,355 km²
Inflation7 Percent
Time Zone

UTC+02:00

Interest Rate6.56%
Religion

96.8% Christians

< 1.0% Muslims

< 1.0% Hindus

< 1.0% Buddhists

< 1.0% Jews

< 1.0% Other Religions

Ethnic Group

Sotho 99.7%

Europeans

Asians

And Other 0.3%

Government

Constitutional Monarchy

King – Letsie III

Prime Minister – Tom Thabane

WebsiteGo to the web
Driving SideLEFT
Public Debt47.787 Percent
Import$1.718 Billion
Export$1.031 Billion
Unemployment Rate27.423 Percent
Labor Force874200
Labor Force (Occupation)-
Culture-

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