Bank of Botswana
| Headquarters | Gaborone , Botswana |
| founding | July 1, 1975 |
| president | Moses Dinekere Pelaelo (Governor of the bank since 2016) |
| country | Botswana |
| currency | |
| ISO 4217 | BWP |
| Currency reserves | US $ 6.5 billion (September 2019) |
| Website | |
| List of central banks | |
The Bank of Botswana (BoB) is the central bank of Botswana . It is headquartered in Gaborone .
history
With the establishment of the Bank of Botswana, it was decided to withdraw from the Rand Monetary Area (RMA), where the South African rand had been the legal currency in Botswana since independence from Great Britain in 1966 . The decision to withdraw from the RMA was announced by President Seretse Khama in September 1974. It did so despite advice against such a move, including by the International Monetary Fund(IMF), who highlighted the weaknesses of a small, open economy that could not easily afford to hold reserves sufficient to counteract economic and financial fluctuations. However, the authorities considered that these costs were outweighed by the expected benefits to national development of expanding the range of domestic financial institutions and instruments. The bank was founded on July 1, 1975 and a year later the Botswana pula was introduced as the currency.
Since the bank was introduced, the country has enjoyed positive economic development and the pula is one of the most stable currencies in Africa today.
Individual evidence
- ^ Botswana Foreign Exchange Reserves . ceic.com. Accessed November 24, 2019
- ^ History of the Bank of Botswana | Bank of Botswana. Retrieved December 22, 2019 .