The loti is pegged with the South African rand; both currencies are legal tender in Lesotho. Those wanting to exchange maloti for convertible currency (dollars, marks, francs, etc.) usually exchange inside Lesotho, or change for South African rand, which is then convertible worldwide. Lesotho's currency is convertible internationally but is very uncommon outside of Southern Africa. In January 2000, US$1=6.125 maloti, a rate that has remained stable in the last 3 years. There is no domestic exchange rate policy, and there are no controls on regional exchange flows. The average inflation rate is approximately 8.5 percent.