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BoB relishes greater autonomy as MPs pass amendments

Friday, July 29, 2022 | 2020 Views |

Bank of Botswana Governor Moses Pelaelo PIC: THALEFANG CHARLES

Members of Parliament on Monday passed sweeping changes to the Bank of Botswana (BoB) Act, granting the central bank greater autonomy from undue 'political or industry' influence and sharpening its role to that of price management and financial stability.

The new amendments passed without a single objection by bipartisan legislators, also include tighter restrictions on the conditions under which government can borrow from the BoB.

The changes also include improved corporate governance at the central bank, with the governor removed from his dual role as board chair and bank chief executive.

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