Botswana to introduce formal inflation target

Botswana's central bank has introduced a formal inflation target of 3% - 6% for the coming three years, according to a statement released by the bank.

In a monetary policy statement published late yesterday, the Bank of Botswana (BoB) said that it would also stick to a short-term inflation objective of 4% - 7% as it worked to reduce price pressures in the country's economy.

"Overall, given the expected modest increase in demand pressures and the benign influence of foreign price developments, i