Bank of Botswana - Annual Report 2005

According to the Bank of Botswana's Annual Report 2005, inflation maintained a downward trend during the first half of 2005 until May, as the impact of the 7.5 percent devaluation in February 2004 fell out of the inflation calculation; however, it rose thereafter up to year-end.

It is estimated that the 12 percent devaluation of May 2005 contributed 3-4 percentage points to inflation during 2005, through higher import prices in Pula terms. The stable South African inflation in 2005 helped

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