Foreign exchange reserves decline

source: BOPA
08 June, 2010

GABORONE – Botswanas foreign exchange reserves have declined by 16 per cent to about P58 billion at the end of last year.

The reserves, according to Bank of Botswanas director of research, Mr Andrew Motsumi, are equivalent to 20 months of import cover of goods and services compared to 33 months in 2008.

Mr Motsumi was speaking during the presentation of the banks financial results for the year ended 2009 in Gaborone last week.

He said the global financial crisis adversely affected financial performance leading to the net loss of about P4 billion against a net income of about P11 billion in 2008.

On other issues, Mr Motsumi explained that the bank paid a dividend of about P1 billion to government as compared to P1.3 billion in 2008.

That, he said, followed a transfer from the government investment account of [continue reading]

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