Bidders squeeze BoB in P55bn debt programme

Friday, November 15, 2024 | 670 Views |

Tight fiscus: Government has been increasingly depending on capital market debt to plug the gap caused by declining mineral revenues PIC: MORERI SEJAKGOMO

Bidders participating in government’s P55 billion domestic debt programme are increasingly demanding higher rates of return, resulting in the last four auctions failing to meet their targets, the Bank of Botswana has confirmed.

Since July, the central bank, acting as the government’s agent, has floated treasury bills and bonds seeking a total of P13.1 billion, but has only raised P9.4 billion or about 72%.

Before July, the BoB was meeting its debt targets, with oversubscription of the treasury bills and bonds on offer at the monthly auctions.

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