Forex reserves exceed $10 billion

The unprecedented growth was attributed to a "buoyant" balance of payments by the Governor of the Bank of Botswana Linah Mohohlo when she presented the central bank's Annual Report for 2007 to the media yesterday.The forex reserves rose by 22.5 percent year-on-year to USD 9.8 billion at the end of last year.

In Pula terms, the reserves stood at P58.5 billion, which translated into a 26-month import cover. "The increase of reserves in Pula terms also reflected the effect of the depreciation of the Pula against major international currencies," the report says.