Pula’s downward crawl maintained at 1.51%

In a statement, the Finance Ministry said the weighting of the Pula against the basket of currencies would be maintained at 55 percent Special Drawing Rights currencies and 45 percent South African rand. The International Monetary Fund’s Special Drawing Rights currencies, referred to as SDR, comprise the US dollar, British pound, euro, Japanese yen and Chinese renminbi.

Since 2005, Botswana’s exchange rate policy, or the mechanism to determine the Pula’s value, has followed a crawling peg framework in which currency is fixed to a basket of the SDR and the Rand. In 2024, the weight of these currencies in the Pula basket or the proportions that each of these currencies contribute to the value of the Pula, will be maintained at 55% SDR and 45% Rand. The annual rate of crawl will entail making small, daily downward adjustments to the value of the Pula that will equal 1.51% during 2024.