Financial services sector in massive growth

Friday, June 06, 2008

The financial services sector continues to grow from strength to strength as both the amount of deposits with and credit by commercial banks has surged considerably in the past year.

According to a Bank of Botswana (BoB) financial statistics report, commercial banks' deposits which were sitting at a mere P5 billion 10 years ago, grew by 20 percent between February 2007 and February 2008, from P25.5 billion to P30.6 billion.

The deposits, which include current, call and savings accounts, also factor in fixed return investment paper ranging from the 31-day paper to 12 months instruments.

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