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                           PRICES OF BANK OF BOTSWANA PUBLICATIONS

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                                                         Domestic       SADC Members                 Rest of the
                                                                                                        World

 1.             Research Bulletin (per copy)             ii P11.00         US$10.00                     US$15.00

 2.             Annual Report (per copy)                 ii P22.00         US$15.00                     US$20.00

 3.             Botswana Financial Statistics                   Free       US$30.00                     US$50.00
                (annual, 12 issues)                      ii
 4.             Aspects of the Botswana                       P82.50       US$29.00                     US$42.00
                Economy: Selected Papers                 ii

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Please note that all domestic prices cover surface mail postage and are inclusive of VAT. Other prices include
airmail postage and are free of VAT. Pula payments (either by cash if paying in person or cheques drawn in favour
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of the Bank of Botswana) should be made to the Librarian, Bank of Botswana, Private Bag 154, Gaborone
Botswana. Payments from outside Botswana should be deposited in the following US dollar account:

Bank of New York, New York (SWIFT Code: IRVTUS3N)
Account Number: 8900331348
ABA Number: 021000018
Account Name: Bank of Botswana

Please always indicate the purpose of payment for easy reference.

All customers are urged to use the Bank’s website provided on the first page of this publication, from which most of
the publications listed above can be downloaded free of charge.




 RELEASE DATES FOR ECONOMIC AND FINANCIAL NEWS FOR THE BANK OF BOTSWANA
                                 WEBSITE

Regular economic and financial highlights are published on the Bank of Botswana website according to the
following timetable:


Inflation: around the 15th day of each month following the release of the monthly Consumer Price Statistics by
the Central Statistics Office.

Commercial bank credit: around the 27th day of each month.

Exchange rates: by the end of the first business day following the end of each month.

Botswana Stock Exchange: on the first business day following the end of each trading week.

Bank of Botswana Certificates: on Wednesdays, the day following the regular Tuesday BoBC auctions.

Botswana Financial Statistics: around the last day of the month following the publication.
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                   ABBREVIATIONS USED THROUGHOUT THE BFS

ABC      African Banking Corporation         iiii
BoB      Bank of Botswana
                                             iiii
BoBC     Bank of Botswana Certificate
BOTASH   Botswana Ash                        iiii
BBS      Botswana Building Society
                                             iiii
BDC      Botswana Development Corporation
BFS      Botswana Financial Statistics       iiii
BIHL     Botswana Insurance Holdings Ltd
BMC      Botswana Meat Commission             ii
BMVAF    Botswana Motor Vehicle Accident Fund
BSB      Botswana Savings Bank
BSE      Botswana Stock Exchange
CPI      Consumer Price Index
CSO      Central Statistics Office
DF       Development Fund
ECH      Electronic Clearing House
EFT      Electronic Funds Transfer
FISIM    Financial Intermediation Services Indirectly Measured
FNBB     First National Bank of Botswana
FCA      Foreign Currency Account
GDP      Gross Domestic Product
IMF      International Monetary Fund
PDSF     Public Debt Service Fund
P        Pula
RSF      Revenue Stabilisation Fund
SDR      Special Drawing Rights of the IMF
t        thebe
                                                iii

                                            iiiiii
                                        HIGHLIGHTS
                             (Relevant table numbers in brackets)
                                               iiiiii
Inflation (2.1-2.5)              In June, inflation as measured by the Consumer Price Index (CPI) was 12.5
                                 percent, down 1.0 percent from 13.5 percent in May. The fall was
                                                iiiiii
                                 attributable to substantial declines in several categories including food (from
                                 16.3 to 14.3 percent), alcohol and tobacco (from 16.5 to 13.3 percent),
                                                iiiiii
                                 housing (5.6 to 4.6 percent) and household operations (from 11.7 to 10.5
                                 percent). However, the impact of these declines was partly offset by
                                 increases in other categories, most noticeably clothing and footwear (from –
                                                iiiiii
                                 0.6 to 0.7 percent), fuel and power (from 36.1 to 37.0 percent) and transport
                                 and communication (from 16.3 to 17.0 percent). The easing of inflation was
                                                iiiiii
                                 concentrated in the tradeable goods category where inflation fell from 15.2
                                 to 14.0 percent. For non-tradeable goods and services inflation also fell,
                                                iiiiii
                                 from 9.5 to 9.0 percent.

Net Foreign Assets (3.3)         Between March and April net foreign assets rose by P1 484.0 million (4.1
                                                  iii
                                 percent) from P36 304.1 million to P37 788.1 million. This resulted from an
                                 increase in claims on non-residents of P1 603.8 million (4.1 percent). Claims
                                 on non-residents by the Bank of Botswana rose by P1 214.4 million (3.3
                                 percent) against a marginal increase in liabilities of P0.4 million (0.1
                                 percent). Claims by other depository corporations increased by P389.3
                                 million (17.6 percent) compared to a rise of P119.4 million (5.7 percent) in
                                 liabilities to non-residents.

Money supply (3.3)               In April, M1 and M3 fell by P108.2 million (2.7 percent) and P518.4 million
                                 (2.3 percent), respectively. The decrease in M1 was attributable to a decline
                                 in transferable deposits of P161.0 million (4.9 percent) against an increase in
                                 currency outside banks of P52.7 million (7.9 percent) while the decline in
                                 M3 resulted from a decrease of P1 479.0 million (41.0 percent) in the
                                 category “securities other than shares included in broad money”, which
                                 reflects the winding down of non-bank holdings of BoBCs following the
                                 introduction of restrictions limiting holdings to commercial and merchant
                                 banks only. However, this was substantially offset by an increase in M2,
                                 which went up by P960.5 million (5.0 percent) due to an increase of P1
                                 068.8 million (6.9 percent) in “other deposits included in broad money”.

Total Deposits (3.16-3.19)       Total deposits held by commercial banks increased by P2 211.6 million
                                 (11.4 percent) from P19 364.4 million in April to P21 576.0 million in May.
                                  This was almost entirely due to an increase of P4 349.5 million (126.4
                                 percent) in 6-month fixed deposits. Savings deposits also increased by P34.9
                                 million (2.6 percent). Current, call, 31-day notice, 88-day notice, 12-month
                                 fixed and over 12-month fixed deposits fell by P159.7 million (4.6 percent),
                                 P16.6 million (0.2 percent), P444.1 million (90.1 percent), P3.4 million (3.5
                                 percent), P1 482.7 million (63.7 percent) and P66.4 million (16.8 percent),
                                 respectively. The main source of the increased deposits was resident
                                 businesses, the deposits of which grew by P1 321.9 million (10.3 percent).
                                                     iv

Credit Growth (3.20 – 3.21)                          iviv
                                      The year-on-year growth in commercial banks’ credit was 9.8 percent in
                                      May, 1.0 percent lower than the 10.8 percent registered in April. The growth
                                      rate was 1.2 percent below the bottom end of the Bank of Botswana credit
                                                     iviv
                                      growth target range for 2006 of 11-14 percent. The lower growth rate was
                                      mainly attributable to the business sector, which registered a decline in
                                                     iviv
                                      growth from 8.5 percent in April to 6.2 percent in May. Month-on-month,
                                      credit to the business sector fell by 1.3 percent compared to an increase of
                                                     iviv
                                      0.9 percent in April. Annual growth in credit to the household sector
                                      declined marginally, from 12.5 percent in April to 12.4 percent in May. On a
                                      monthly basis, household sector credit rose by 1.6 percent compared to 2.6
                                                     iviv
                                      percent during the previous month. The share of credit to the household
                                      sector in the overall credit increased to 59.5 percent from 58.8 percent in
                                      April.         iviv

                                                    iviv
Bank of Botswana Certificates (4.3)   The value of outstanding BoBCs rose by P803.6 million (6.4 percent) from
                                      P12 491.6 million in April to P13 295.4 million in May. This was driven by
                                                      iv
                                      an increase in BoBCs held by commercial banks on their own account which
                                      rose by P2 540.0 million (24.5 percent), while holdings of other financial
                                      institutions increased by P20.2 million (5.5 percent). Holdings by
                                      commercial banks on behalf of customers and by other private sector
                                      institutions both fell to zero following the restriction on BoBC holdings to
                                      commercial and merchant banks only, which came into effect in March.

Exchange Rates (6.5)                  During June, the Pula depreciated against most major international
                                      currencies, except the rand, against which it appreciated by 1.2 percent. The
                                      largest depreciation was 4.6 percent against the US dollar followed by 3.2
                                      percent against the euro. On an annual basis, the Pula fell against all the
                                      major currencies. The largest annual depreciation was 13.2 percent against
                                      the euro while the least was 2.4 percent against the rand.

Principal Merchandise (6.3)           In May, beef exports declined dramatically by P13.5 million from P22.4
                                      million in April to P8.9 million. The decrease was due to the outbreak of
                                      foot and mouth disease in Bobirwa area that led to the temporary closure of
                                      the BMC abattoirs and the return of some beef export consignments to
                                      Europe.


Foreign Exchange Reserves (6.10)      Foreign exchange reserves increased by P1 210.9 million to P37 746.4
                                      million at the end of April from P36 536.5 million in March. This was
                                      mainly a result of domestic foreign exchange inflows of P1 019.5 million.
                                      These inflows included quarterly receipts from the Southern African
                                      Customs Union (SACU) of P1 316 million. Other contributors were net
                                      currency revaluation gains of P151.8 million and interest and dividend
                                      income of P125.7 million. These were, however, offset by the net market
                                      revaluation losses of P85.9 million.

                                      Measured in US dollar and SDR terms, the foreign exchange reserves in
                                      April were USD6 968 million and SDR4 737.2 million, respectively,
                                      reflecting increases of USD263.7 million and an increase of SDR97.2
                                      million from March.
                                              v

                                        vv
                                  CONTENTS                                       Page

1.     National Output                     vv

1.1                                       vv
       Gross Domestic Product by Type of Expenditure - Current Prices               1
1.2    Gross Domestic Product by Type of Expenditure - Constant 1993/94 Prices      2
                                           vv
1.3    Gross Domestic Product by Type of Economic Activity - Current Prices         3
1.4                                       vv
       Gross Domestic Product by Type of Economic Activity - Constant 1993/94
       Prices                                                                       4
                                           vv

2.     Prices                              vv

2.1                                         v
       Cost of Living Index by Location (November 1996 =100.0)                      5
2.2    Cost of Living Index (November 1996 =100.0)                                  6
2.3    Annual Inflation                                                             6
2.4    Cost of Living Index by Commodity Group (November 1996 =100.0)               7
2.5    Cost of Living Index: Tradeability Analysis (November 1996 =100.0)           8


3.     Banking System


3.1    Central Bank Survey                                                          9
3.2    Other Depository Corporations Survey                                         10
3.3    Depository Corporations Survey                                               11
3.4    Monetary Survey: Monthly Balances                                            12
3.5    Monetary Survey: Monthly Percentage Change                                   13
3.6    Monetary Survey: Year-end/Quarterly Balances                                 14
3.7    Monetary Survey: Year-on-Year Percentage Change                              15
3.8    Bank of Botswana: Assets                                                     16
3.9    Bank of Botswana: Liabilities                                                17
3.10   Notes in Circulation: by Denomination                                        18
3.11   Coins in Circulation: by Denomination                                        19
3.12   Commercial Banks: Assets                                                     20
3.13   Commercial Banks: Liabilities                                                21
3.14   Commercial Banks: Liquid Assets                                              22
3.15   Commercial Banks: Reserves                                                   23
3.16   Commercial Banks: Deposits by Holder                                         24
3.17   Commercial Banks: Deposits by Type                                           25
3.18   Commercial Banks: Deposits by Holder (Percentage Distribution)               26
3.19   Commercial Banks: Deposits by Type (Percentage Distribution)                 27
                                             vi

3.     Banking System (continued)            vivi

                                             vivi
3.20   Commercial Banks: Loans and Advances Outstanding by Sector             28
3.21   Commercial Bank Credit: Outstanding Loans and Advances to Households
                                         vivi                                 29
3.22   Commercial Banks: Advances and Liquid Asset Ratios                     30
3.23                                   vivi
       Commercial Banks: Loans and Advances by Maturity                       31
3.24   Commercial Banks: Loans and Advances by Interest Rate
                                             vivi
       (Percentage Distribution)                                              32
3.25                                    vivi
       Commercial Banks: Off-Balance Sheet Items                              33
3.26   Commercial Banks: Income and Expenses                                  34
                                             vivi
3.27   Commercial Banks: Arrears on Loans and Advances                        35
3.28   Commercial Banks: Arrears by Sector vi                                 36
3.29   Electronic Clearing House (ECH) – Cheque Clearance and Electronic
       Funds Transfer (EFTS)                                                  37


4.     Money and Capital Markets


4.1    Interest Rates                                                         38
4.2    Interest Rates: Nominal and Real                                       39
4.3    Bank of Botswana Certificates: Total Outstanding                       40
4.4    Bank of Botswana Certificates: Auctions Summary                        41
4.5    Botswana Stock Exchange: Total Listings                                42


5.     Non-Bank Financial Institutions


5.1    Merchant Banks: Assets and Liabilities                                 43
5.2    Botswana Building Society: Assets and Liabilities                      44
5.3    Botswana Development Corporation Ltd: Assets and Liabilities           45
5.4    Botswana Motor Vehicle Accident Fund: Assets and Liabilities           46
5.5    Botswana Savings Bank: Assets and Liabilities                          47
5.6    Hire Purchase Finance and Leasing Companies: Assets and Liabilities    48
5.7    National Development Bank: Assets and Liabilities                      49
5.8    Distribution of Pension Fund Assets                                    50


6.     External Trade and International Finance


6.1    Balance of Payments Analysis                                           51
6.2    Balance of Payments Summary                                            52
6.3    Exports: Principal Merchandise                                         53
                                                            vii

6.                 External Trade and International viivii (continued)
                                                    Finance

                                                          viivii
6.4                Exports: Selected Commodity Price Indices                                                 54
6.5                Exchange Rates: Foreign Currency Per Pula
                                                     viivii                                                  55
6.6                Exchange Rates: Foreign Currency Per Pula - Averages                                      56
6.7                                                  viivii
                   Exchange Rates: Selected Foreign Currencies Per US Dollar                                 57
6.8                Exchange Rates: Selected Foreign Currencies Per US Dollar - Averages                      58
                                                          viivii
6.9                Real Exchange Rates Indices: Foreign Currency Per Pula                                    59
6.10                                                 viivii
                   Foreign Exchange Reserves: Selected Currencies                                            60
6.11               Commercial Banks: Foreign Currency Accounts and Total Deposits                            61
                                                          viivii
6.12               Commercial Banks: Foreign Currency Deposits by Type                                       62
6.13               Foreign Currencies: Sales by the Banking Sector
                                                        vii                                                  63
6.14               Foreign Currencies: Purchases by the Banking Sector                                       64
6.15               International Investment Position                                                         65


7.                 Public Finance


7.1                Government: Budget Summary                                                                66
7.2                Government Revenue                                                                        67
7.3                Government Expenditure                                                                    68
7.4                Government Lending: Outstanding Loans (PDSF, RSF and DF)                                  69
7.5                Government: Medium and Long Term External Government Guaranteed
                   Debt Outstanding                                                                          70




The following symbols have been used throughout this publication:
...      to indicate that data are not available, either because information was not available to the Bank of
         Botswana at the time of publication, or that a facility/institution/classification, etc., did not exist; and
-        to indicate that the figure is zero or less than half the final digit shown.
Any changed data appear in bold/italics.
                                                         viii

Notes :                                                viiiviii
    1.    Tables in this publication are prepared according to relevant international standards. In particular, they
                                                       viiiviii
          follow the guidelines set out in System of National Accounts (SNA) and the relevant manuals of the IMF,
          including the Monetary and Financial Statistics Manual 2000, 5th Balance of Payments Manual and the
                                                     viiiviii
          1986 Government Finance Statistics Manual.
    2.    In most cases the tables report data over a viiiviii period up to the most recent time for which data is
                                                      ten-year
          available. However, in some cases the reporting period may be either shorter or longer depending on data
                                                       viiiviii
          availability and the space needed for reporting.
    3.                                                viiiviii
          In the February 2006 issue of the BFS, the following tables were included for the first time:
          3.1      Central Bank Survey (CBS – these are the accounts of the Bank of Botswana)
                                                       viiiviii
          3.2      Other Depository Corporations Survey (ODCS –includes accounts of the commercial banks,
                   merchant banks and other deposit taking institutions); and
                                                       viii
          3.3      Depository Corporations Survey (DCS – a consolidation of CBS and ODCs).


          These were produced as a result of continued efforts to improve monetary and financial statistics, in
          collaboration with the IMF through technical assistance under the framework of the General Data
          Dissemination System (GDDS). As well as improving the quality of statistics, the new tables have
          extended coverage with regard to institutions, to include other deposit taking institutions that were not
          covered in the previous Monetary Survey.
          Inclusion of these tables has, therefore, resulted in re-numbering of tables under the Banking System
          Section of the Botswana Financial Statistics (see contents). A comprehensive notice of change in
          methodology and presentation of monetary statistics will be posted in the Bank of Botswana website,
          giving users the background information on the new tables, the framework and methodology used. To
          help with transition to the new tables, the Monetary Survey will continue to be published during 2006.


    4.    For some tables, numbers do not add up to stated totals due to rounding off.

				
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