Gov�t tweaks exchange rate to boost exports
Wednesday, January 11, 2017
After the local currency gained value against all major currencies in 2016, monetary authorities have also moved to reduce the rate at which the pula gains value in an effort to maintain export competitiveness.
Acting permanent secretary in the Ministry of Finance and Economic Development, Cornelius Dekop said effective from January 01, 2017, the weight of the rand in the pula basket of currencies has been reduced to 45% from 50%.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...