The SACU was originally create in 1910. An agreement was signed in 1969 with the independent countries of Botswana, Lesotho, Swaziland, and Namibia. This has included a common external tariff and a revenue-sharing mechanism, as well as a Common Monetary Area (except for Botswana) with currencies pegged to the South African ran. A new treaty came into force in 2004.