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BoB pushes banks as forex reserves tighten

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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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BoB pushes banks as forex reserves tighten

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.

'Face to face with the man who tried to kill me'

Couple perishes in suspected 'passion killing' crash

Dimajwe duo arrested after missing assault victim found buried

Dikoloti escapes injury after car hits cow

Five-year-old boy hospitalised after road accident in Mogoditshane

UDC rolls out 'promised' child grant

BPF to hold first youth, women congresses

Of borrowed wheels and brand new GD6

Two-tier education system demands action