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Bank of Botswana

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Bank of Botswana
Banka Ya Botswana
HeadquartersGaborone, Botswana
Established1 July 1975 (1975-07-01)
OwnershipGovernment of Botswana 100%[1]
GovernorCornelius Karlens Dekop
Central bank ofBotswana
CurrencyBotswana pula
BWP (ISO 4217)
Reserves7 390 million USD[1]
Bank rate1.90% 2024)[2]
Websitebankofbotswana.bw

The Bank of Botswana (BoB; Tswana: Polokelo ya Madi ya Botswana) is the central bank of Botswana.

When Botswana gained independence from Britain in 1966, the country was part of the Rand Monetary Area (RMA).[3] In 1974 Botswana withdrew from the RMA, and the Bank of Botswana and Financial Institution Acts established the legal framework for a central bank in Botswana to be established in July 1975, with Christopher H. L. Hermans as the first Governor.[3] The pula was launched as a national currency in 1976, and in 1977 the Bank of Botswana became the government banker.[4]

The Bank manages Botswana's sovereign wealth fund, the Pula Fund.

History

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The Bank of Botswana was estabished by a decision to withdraw from the Rand Monetary Area (RMA) under which the South African rand had been the legal currency in Botswana since independence in 1966. in 1973 Sir Seretse Khama, appointed a Monetary Preparatory Commission. The decision to withdraw from the RMA was announced by President in September 1974.[5]

The Bank launched the national currency, the Pula, on the 23 August 1976.

Bank of Botswana building in 1980s

Governors of the Bank of Botswana

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See also

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References

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  1. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Monetary Policy Committee Decision - 22 August 2024" (PDF). Bank of Botswana. 22 August 2024.
  3. ^ a b "History of the Bank of Botswana | Bank of Botswana". www.bankofbotswana.bw. Retrieved 30 May 2020.
  4. ^ Morton, Fred; Ramsay, Jeff; Mgadla, Part Themba (2008). "Bank of Botswana (BoB)". Historical Dictionary of Botswana. African Historical Dictionaries. Vol. 108 (4th ed.). Metuchen, New Jersey: Scarecrow Press. p. 40. ISBN 978-0-8108-5467-3.
  5. ^ "History of the Bank of Botswana | Bank of Botswana". www.bankofbotswana.bw. Retrieved 2 April 2025.
  6. ^ Akyeampong, Emmanuel Kwaku; Gates, Henry Louis; Niven, Mr Steven J. (2 February 2012). Dictionary of African Biography. OUP USA. ISBN 978-0-19-538207-5 – via Google Books.
  7. ^ a b c d e f g "Milestones | Bank of Botswana". www.bankofbotswana.bw.
  8. ^ "M. D Pelaelo | Bank of Botswana". www.bankofbotswana.bw. Archived from the original on 19 April 2023. Retrieved 8 April 2020.
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