The Governors of the central banks of the Common Monetary Area (Lesotho, Namibia, South Africa and Swaziland), assisted by their senior research officials, met in Pretoria today to exchange views about recent economic developments in their respective countries.The exchange between Mr Tito Mboweni, Governor of the South African Reserve Bank; Mr Tom Alweendo, Governor of the Bank of Namibia; Mr Martin Dlamini, Governor of the Central Bank of Swaziland; and Mr Tabo Foulo, Deputy Governor of the Central Bank of Lesotho will help to inform the discussion and formulation of monetary policy in the four CMA countries. Governors noted, among other things, the current behaviour of food prices and its contribution to the inflation spiral in the area. Matters involving closer cooperation in general between the central banks concerned were also covered. It is intended that similar consultations will occur prior to the South African Reserve Bank's quarterly Monetary Policy Committee meetings next year since the MPC's decisions have an impact on the Common Monetary Area. The monetary policy stance of the South African Reserve Bank's MPC was not discussed.