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Of Botswana’s economic philosophy and raising rates

Friday, June 24, 2022 | 1830 Views |

Balancing act: BoB governor, Moses Pelaelo has to thread the line between restraining inflation and supporting the economic rebound PIC: PHATSIMO KAPENG

On Thursday 16th June 2022, the Bank of Botswana announced a hike of its Monetary Policy Rate by 50 basis points moving from 1.65% to 2.15%.

First and foremost, what does this mean for you and me? In simple terms, it means most of your loans just got half a percent more expensive.

That is, if the loan interest rate you were being charged by your bank was 7% it will now be 7.5% meaning you will be paying more every month.

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