Interest rates rise for the first time in 14 years

Thursday, April 28, 2022 | 4980 Views |

BoB governor, Moses Pelaelo PIC: THALEFANG CHARLES

The Bank of Botswana (BoB) this afternoon raised interest rates by 51 basis points or about half a percentage point, with officials saying the move was necessary to manage escalating inflation expectations in the economy.

The increase is the first in the country since 2008, from which point interest rates had gradually been declining to the current record low levels.

The increase, announced after a Monetary Policy Committee meeting yesterday, means any borrowers whose loans are not on a fixed rate will pay more for their repayments or new loans with immediate effect. The increase also means marginally improved rates on deposits.

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Interest rates rise for the first time in 14 years

The Bank of Botswana (BoB) this afternoon raised interest rates by 51 basis points or about half a percentage point, with officials saying the move was necessary to manage escalating inflation expectations in the economy.