Mmegi

BoB pushes banks as forex reserves tighten

Friday, January 10, 2025 | 730 Views |

Taking action: Masalila PIC: MORERI SEJAKGOMO

The Bank of Botswana (BoB) has made it more expensive for banks to access foreign currency from the central bank, pushing them to instead trade amongst themselves, as the prolonged downturn in diamonds weighs on the country’s reserves.

According to the last official figures, the country’s foreign reserves managed by the BoB declined to P56.1 billion in October 2024 from P64.9 billion in October 2023, due mainly to the decline in rough diamond sales.

The prolonged decline in diamond receipts, coupled with steady imports and the lack of other strong foreign currency earners, has meant a slide in the reserves over the months, triggering the BoB’s latest actions.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Bank of Botswana

The Oneal R&B Orchestra event was an African storytelling in a format not previously explored locally.

Oneal R&B orchestra shares African story

Lucy Kgweetsi | 19 m ago

Yarona FM to host Just Kidding Fam Fest

Nnasaretha Kgamanyane | 24 m ago

Softball Spectacular to quench players’ thirst

Calistus Kolantsho | 28 m ago

Zebras to camp in Tunisia ahead of AFCON finals

Mqondisi Dube | 33 m ago

Search continues for Maun boy feared to have been taken by a crocodile

Larona Makhaiza | 14 h ago

Inimba Gets the Nod for Season 2 on Mzansi Magic

correspondent | 18 h ago

Peace conference addresses growing list of social ills

Laone Choeunyane | 21 h ago

GAYO Botswana and BA ISAGO University Forge Major Partnership to Advance Climate Education and Youth Leadership

correspondent | 21 h ago

Depression is real; let's take care of our mental health

It is not uncommon in this part of the world for parents to actually punish their children when they show signs of depression associating it with issues of indiscipline, and as a result, the poor child will be lashed or given some kind of punishment. We have had many suicide cases in the country and sadly some of the cases included children and young adults. We need to start looking into issues of mental health with the seriousness it...

The Monitor Editor | 02 December 2025

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More