mond (Lesotho Promise) was discovered at the Letseng-la-Terae mine. Another 478-carat (96 g) diamond was discovered at the same location in 2008.
Lesotho’s progress in moving from a predominantly subsistence-oriented economy to a lower middle income, diversified economy exporting natural resources and manufacturing goods has brought higher, more secure incomes to a significant portion of the population.
The global economic crisis hit the Lesotho economy hard through loss of textile exports and jobs in the sector due largely to the economic slowdown in the United States which is a major export destination, reduced diamond mining and exports, including weak prices for diamonds; drop in SACU revenues due to the economic slowdown in the South African economy, and reduction in worker remittances due to weakening of the South African economy and contraction of the mining sector and related job losses in South Africa. In 2009, GDP growth slowed to 0.9 percent.
The official currency is the loti (plural: maloti), but can be used interchangeably with the South African rand. Lesotho, Swaziland, Namibia, and South Africa also form a common currency and exchange control area known as the Common Monetary Area (CMA). The loti is at par with the rand. One hundred lisente equal one loti.
Lesotho is a member of the Southern African Customs Union (SACU), in which tariffs have been eliminated on the trade of goods between other member countries Botswana, Namibia, South Africa, and Swaziland.
Lesotho has received economic aid from a variety of sources, including the United States, the World Bank, Ireland, the United Kingdom, the European Union, and Germany
