BoB counts losses from Russian sanctions

Wednesday, August 03, 2022 | 1630 Views |

On and on: Analysts believe Russia’s war in Ukraine may last through the year PIC: MARCA

The Bank of Botswana (BoB) expects to lose a total of P22.5 million due to the need to cash out of its Russian investments in the wake of that country’s invasion of Ukraine and the resultant sanctions.

According to the central bank’s 2021 Annual Report released last week, by the end of last year, the BoB held P9.1 million in bonds and P147.6 million in equities in Russia.

However, following sanctions against Moscow by the United States, the European Union and others, as well as the exclusion of that country’s banks from the global financial networks, the BoB had moved to liquidate its position in the Russian holdings.

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BoB counts losses from Russian sanctions

The Bank of Botswana (BoB) expects to lose a total of P22.5 million due to the need to cash out of its Russian investments in the wake of that country’s invasion of Ukraine and the resultant sanctions.