Unsecured household debt worries FSC

Wednesday, July 13, 2022 | 1870 Views |

At the helm: BoB governor, Moses Pelaelo chairs the Financial Stability Council PIC: THALEFANG CHARLES

Nearly 73% of the P45.9 billion owed by households to commercial banks is unsecured, a situation which could cause distress in the event of a sudden, sharp tightening of financial conditions, a multi-agency council has warned.

The Financial Stability Council (FSC), made up of the Bank of Botswana, Non-Bank Financial Institutions Regulatory Authority, Financial Intelligence Agency and the Finance Ministry, revealed the findings in its latest report covering the year to March 2022.

As at March 2022, household borrowers, a term that refers to individual rather than corporates, owed commercial banks P33.3 billion in unsecured debt, out of the P45.9 billion in total outstanding debt they owe.

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Unsecured household debt worries FSC

Nearly 73% of the P45.9 billion owed by households to commercial banks is unsecured, a situation which could cause distress in the event of a sudden, sharp tightening of financial conditions, a multi-agency council has warned.

Human rights are sacred

Bakgatla Ba Kgafela celebrate as Kgosi Kgafela’s charges are dropped

First Lady's office hosts second annual thanks giving ceremony

PSLE performance on upward trend

Bona Life tee-off Maruapula Loxion Golf journey

Cops arrest young man, seize dagga in Metsimotlhabe

Second Mogoditshane rape attack in two weeks

Suspected suicide behind Sir Seretse Khama Barracks

Human rights are sacred