Botswana’s currency is set to rise 0.5% from 1 July to $2,500 by the end of July.
The country’s central bank, the Central Bank of Botswana, announced that it will begin issuing Botswana kwacha notes to the public on July 1.
The notes, which have a face value of 1 Botswana Shillings (SG) and will be legal tender, will be printed by the Central Banks National Bank.
Botswana’s national currency, the Botswana shilling, is currently worth approximately US$1.16 per shilling.
Botswana has one of the lowest inflation rates in the world.
Botswanese banks have been printing new notes every three weeks for the past month.
Botshaan currency is currently pegged to the US dollar.
The government is set a target of having 100 million Botswana banknotes circulating by the middle of July, according to Botswana Bank.
The bank is printing new banknotes at an average of 2,500 notes per week.
A total of 2.5 billion Botswana banks have received new banknote stock since Botswana was established as a sovereign nation in 2002.
The Botswana government has set aside US$10 million to increase Botswana banking capacity and infrastructure to meet the growing demand for the country’s currency.
Batswana has been in a tight economic situation since the end-June and the currency was not trading well before the start of July due to the low oil price.
Botswaese banks were struggling to meet their loan repayments and demand.
Botswans central bank said the economy was at a low level due to low oil prices and the country was unable to support its banks.