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BoB pushes banks as forex reserves tighten

Friday, January 10, 2025 | 720 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.

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