06 Feb 2014

Parliament has been told that the International practice is such that the repatriation of foreign currency to the countries of origin is the responsibility of foreign exchange dealers such as commercial banks and bureau de change.

Answering a question from the MP for Palapye, Mr Moesiraele Goya,The Assistant Minister of Finance and Development Planning, Mr Vincent Seretse told Parliament on February 5 that there were no arrangements in place for neighbouring countries’ reserve banks to repatriate the Pula currency that had been received in their territories to Botswana.

The minister was responding to a question from the MP for Palapye, Mr Moesiraele Goya, who had asked if there was any arrangement in place for neighbouring countries’ reserve banks to repatriate the Pula currency that had been received in their territories to Botswana.

The legislator had also wanted to know whether there was also an arrangement for Bank of Botswana to do the same and if so, did that apply to both the notes and coins. He also asked how the Bank of Botswana ensured that the Pula currency finally got repatriated to Botswana where there was no such arrangement. ENDS