Financial closings

On a high

In his second year as Bank of Botswana governor, Moses Pelaelo steered the central bank through continued monetary policy and banking sector stability. Inflation remained well within the three to six percent medium term range, twice dipping below the lower limit, in March and September. Local commercial banks enjoyed a record-breaking year, with their collective profits rising to P1.33 billion in the third quarter, nearly 60% on the corresponding period last year. Despite a mini “crash” in September due to the fall of the Turkish Lira, the pula remained generally stable against the US dollar. In the 12 months to November, the pula had only lost 1.5 percent against the US dollar and 1.5 percent against the rand.