Botswana Monetary Authority


The History of the Bank of Botswana

The establishment of the Central Bank, the Bank of Botswana, was preceded by negotiations for a monetary agreement with South Africa in 1972. A Monetary Preparatory Commission was appointed a year later, composed of Mr H.C.L. Hermans as Chairman (Permanent Secretary, Ministry of Finance and Development Planning, at the time), Mr P.H.K. Kedikilwe (Director of Financial Affairs, Ministry of Finance and Development Planning, at the time), Professor A.N. Mcleod of York University in Canada and Advisors from the International Monetary Fund. On September 6, 1974, the first President, Sir Seretse Khama, announced the Governmentís decision to withdraw from the Rand Monetary Area. In April 1975, the Bank of Botswana and Financial Institutions bills were passed to legislate the establishment of a central bank and the framework to govern financial institutions that would fall under the supervision of the Central Bank, respectively
Botswana: Bank of Botswana

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