The Bank of Botswana (BoB) appears to have failed an assessment test conducted by the International Monetary Fund (IMF). This is contained in a paper released this September by a staff team of the IMF and contributions from Botswana authorities.
The assessment which was conducted at the invitation of Botswana authorities, shows that: “There are material deficiencies with respect to the BoB’s responsibilities, objectives and powers.”
Firstly, the papers say, “primary legislation does not specify the BoB’s primary responsibility for banking supervision” adding: “Instead, the Banking Act specifies a broader suite of objectives which are not subordinated to the primary objective of safety and soundness resulting in potential conflicts for the BoB.”
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