100 Maloti

The 100 Maloti is the highest denomination in Lesotho's current paper series — meaningful in a country where the maloti trades at parity with the South African rand under the Common Monetary Area agreement. That peg, in place since 1980, effectively makes this note a domestic parallel to a foreign central bank's monetary decisions, since the Lesotho Monetary Authority holds rand reserves to back every maloti in circulation.

De La Rue has printed Lesotho's banknotes for decades, with the relationship predating the Central Bank's formal establishment in 1978. P#29 extends an ongoing series rather than marking any new issuance event.