Regulatory Alerts2022-09-07
Added
Bank of Botswana (Amendment) Act 2022
The Bank of Botswana (Amendment) Act, 2022, redefines the Bank's primary objective as domestic price stability and grants it operational independence, while also outlining its functions, including monetary policy formulation, financial stability, and the regulation and supervision of banks and financial institutions. The Act empowers the Bank to issue directives, circulars, and guidelines, with non-compliance by financial institutions incurring fines up to P2,500,000 or ten years imprisonment. It establishes a Monetary Policy Committee, sets the Bank's authorized capital at P150,000,000, introduces a 12-month cooling-off period for the Governor and Deputy Governor, and revises conflict of interest and confidentiality provisions, increasing related fines to P500,000 and P200,000 respectively.
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