Economy of Lesotho Swaziland, Namibia, and South Africa also form a common currency and exchange control area known as the Rand Monetary Area that uses the South African rand as the common currency. In 1980, Lesotho introduced its own currency, the loti (plural: maloti). One hundred lisente equal one loti. The Loti is at par with the rand. Until the political insecurity in September 1998, Lesotho's economy had grown steadily since 1992. The riots, however, destroyed nearly 80% of commercial infrastructure in Maseru and two other major towns in the country, having a disastrous effect on the country's economy. Nonetheless, the country has
Ingersoll Rand Company in New York, and in 1888 it combined with Sergeant Drill to form Ingersoll Sergeant Drill Company. Also in 1871, brothers Addison Rand (1841–1900) and Jasper Rand, Jr. (1837–1909) established Rand Drill Company with its main manufacturing plant in Tarrytown, New York. Rand drills cleared New York's treacherous Hell Gate channel and were used in the construction of water aqueducts for New York City and Washington, D.C., and tunnels in Haverstraw and West Point, New York, and in Weehawken, New Jersey. In 1905 Ingersoll-Sergeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has