Botswana increases pula crawl rate to defend reserves
Central bank will also charge lenders higher margins to access FX
Botswana is increasing the rate at which the pula depreciates against a basket of currencies, the finance ministry said on July 11, as the central bank struggles to stem a rapid decline in foreign exchange reserves.
The new crawl rate will be -2.76%, the ministry said in a statement, down from -1.51%. The basket remains unchanged, comprising 50% rand and 50% special drawing rights.
Finance minister Sayed Timuno said in a statement that the adjustment to the crawl rate was designed to support the
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