US dollar strength threatens pump price recovery
Monday, October 03, 2022 | 960 Views |
Unsteady times: The recent reduction in global crude prices
could be undone by the stronger US dollar PIC: MORERI SEJAKGOMO
On Wednesday the dollar, the currency in which global oil is transacted, reached P13.42 according to the Bank of Botswana website, possibly an all-time high according to available records.
The peak came after weeks of strengthening during which the US dollar has frequently traded above P13 to the pula.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...