Bank of Botswana
Encyclopedia
The Bank of Botswana is the central bank
of Botswana
.
When Botswana gained independence from Britain in 1966, the country was part of the Rand Monetary Area. 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 1975. The pula
was launched as a national currency in 1976, and in 1977 the Bank of Botswana became the government banker.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Botswana
Botswana
Botswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
.
When Botswana gained independence from Britain in 1966, the country was part of the Rand Monetary Area. 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 1975. The pula
Botswana pula
The pula is the currency of Botswana. It has the ISO 4217 code BWP and is subdivided into 100 thebe. Pula literally means "rain" in Setswana, because rain is very scarce in Botswana - home to much of the Kalahari Desert - and therefore valuable. Pula also means "blessing" as rain is considered a...
was launched as a national currency in 1976, and in 1977 the Bank of Botswana became the government banker.
Governors of the Bank of Botswana
- 1975-1978: H. C. L. Hermans
- 1978-1980: B. C. Leavit
- 1980-1982: F. G. Mogae
- 1982-1987: C. N. Kikonyogo
- 1987-1999: H. C. L. Hermans
- 1999-present: L. K. Mohohlo
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of BotswanaEconomy of BotswanaSince independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999. Growth in private sector employment has averaged about 10% per annum over the first 30 years of independence. The relatively high quality of the country's...
- List of central banks