Regulatory Alerts2022-01-01
Bank of Botswana (Amendment) Act 2022
Enacted by the Parliament of Botswana, this legislation amends the Bank of Botswana Act to establish domestic price stability as the central bank's primary objective and grants it operational independence. The amendment restructures governance by setting authorized capital at P150 million, defining a seven-member Board and a five-year Governor tenure, and expanding statutory functions to include monetary policy formulation, financial system regulation, and foreign reserve management. It further mandates strict conflict of interest and confidentiality protocols, a capital shortfall coverage mechanism, IFRS-aligned profit distribution, and a twelve-month cooling-off period for senior executives.
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