Botswana Vehicle Buyers Defy Recession

Though the country is technically in recession, FNBB's vehicle purchase financing arm, WesBank, has realised a 22 percent increase on advances. WesBank Botswana head Christo de Wet attributed the increase to low levels of arrears and tight control of impairments but analysts believe this is a further sign of the high rate of consumerism that exists in the country.

Speaking at the launch of the results for the year-ended June 2009 on Thursday, de Wet however said during the period under review, WesBank saw monthly volumes decrease by seven percent as some consumers reduced spending in fear of job cuts especially in the mining industry.