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Botswana Announces Pula Exchange Rate For The Year 2024

6 months agoThu, 28 Dec 2023 13:11:37 GMT
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Botswana Announces Pula Exchange Rate For The Year 2024

Botswana’s Ministry of Finance has issued a pre-release statement regarding the Pula exchange rate for the year 2024. To ensure a stable and competitive real effective exchange rate of the Pula, the Ministry of Finance, in collaboration with the Bank of Botswana, regularly reviews the Pula basket of currencies and their weights. This is done to maintain stability in the country’s currency and to ensure it remains competitive in the global market.

The Pula basket of currencies currently consists of the South African rand and the International Monetary Fund’s Special Drawing Rights (SDR). The SDR is a composite currency made up of the US dollar, Japanese yen, Chinese renminbi, euro, and British pound.

In a statement seen by Pindula News, the Ministry of Finance said the Pula remains strong compared to the South African rand, as it is weighted at 45%. Additionally, the Pula is gaining power on a global scale, as it is weighted at 55% against a basket of currencies known as the Special Drawing Rights (SDR), which includes the US dollar, Japanese yen, Chinese renminbi, euro, and British pound. Read the statement:

The Ministry of Finance, in conjunction with Bank of Botswana, regularly reviews the Pula basket of currencies and their weigh., with a view to maintaining a stable and competitive real effective exchange rate of the Pula. The Pula basket of currencies comprises of the South African rand and the International Monetary Fund, Special Drawing Rights (SDR) — consisting of the US Dollar, Japanese Yen, Chinese Renminbi, Euro, and British Pound.

Following the latest review of the Pula basket of currencies undertaken in December 2023, His Excellency the President approved maintenance of the Pula basket weigh at 45 percent South African rand and 55 percent SDR, and also the downward rate of crawl of 1.51 percent per annum, during 2024, in view of the favourable inflation differentials in favour of Botswana.

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The exchange rate of the Pula, the currency of Botswana, is determined in accordance with Section 21 of the Bank of Botswana Act. According to this act, the President of Botswana, upon the recommendation of the Minister of Finance and after consultation with the Bank of Botswana, has the authority to determine the external value of the Pula.

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