ank of botswana statutory... · bank of botswana annual report 2005 table 2.3: ... bsm botswana...
TRANSCRIPT
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1
ANNUAL REPORT
BANK OF
BOTSWANA
2005
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BANK OF BOTSWANA ANNUAL REPORT 2005
BOARD MEMBERSas at December 31, 2005
B K MolosiwaBoard Member
G K CunliffeBoard Member
L K MohohloGovernor and Chairman of the Board
O A MotshidisiDeputy Governor
B MoeletsiBoard Member
C S Botlhole-MmopiBoard Member
B BoleleBoard Member
S S G TumeloBoard Member
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BANK OF BOTSWANA ANNUAL REPORT 2005
BOARD MEMBERSas at December 31, 2005
L K MohohloGovernor and Chairman of the Board
S S G TumeloBoard Member
G K CunliffeBoard Member
B BoleleBoard Member
B MoeletsiBoard Member
B K MolosiwaBoard Member
C S Botlhole-MmopiBoard Member
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BANK OF BOTSWANA ANNUAL REPORT 2005
CONTENTS – PART A
Statutory Report on the Operations and Financial Statements of the Bank in 2005
Page
1. An Overview of the Bank 15
Objectives of the Bank 15
Functions of the Bank 15
Structure of the Bank 16
Strategies 17
2. Report on the Bank’s Operations 19
Introduction 19
External Relations 20
Management and Administration of the Bank 20
Monetary Policy Implementation 21
Reserve Management 22
Banking and Currency 22
Banking Supervision 22
Technical Services 23
Protective Services 23
3. Annual Financial Statements 25
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BANK OF BOTSWANA ANNUAL REPORT 2005
CONTENTS – PART B
1. The Botswana Economy in 2005 53
Output, Employment and Prices 53
Public Finance and the 2006 Budget Speech 58
Exchange Rates, Balance of Payments and International Investment Position 64
Money and Capital Markets 69
2. The Role of Capital Markets in Economic Development – Botswana’s Experience 77
Introduction 77
Botswana’s Financial Sector Development Strategy 78
The Role of Capital Markets in Economic Development 82
The Evolution of Capital Markets in Botswana: an Overview 89
Comparison with other Developing Capital Markets 99
Capital Market Development and Macroeconomic Management 105
Conclusion 108
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BANK OF BOTSWANA ANNUAL REPORT 2005
CHARTS AND TABLES
Page
Charts
Chart 1.1 Growth in Real Gross Domestic Product 53
Chart 1.2: Diamond Production 53
Chart 1.3: Economic Growth by Sector 54
Chart 1.4: Botswana Infl ation 57
Chart 1.5: CPI Infl ation by Tradeability 57
Chart 1.6: International Infl ation 57
Chart 1.7: Development Spending by Economic Sector (2005/06 – 2006/07) 61
Chart 1.8: Nominal and Real Effective Exchange Rates and Relative Prices 64
Chart 1.9: Real and Nominal Effective Exchange Rates 65
Chart 1.10: Outstanding Bank of Botswana Certifi cates (BoBCs) 70
Chart 1.11: Yield to Maturity on BoBCs and Government Bonds 71
Chart 1.12: Real Interest Rates – International 72
Chart 1.13: Annual Growth Rates of Credit 72
Chart 2.1: BSE Listed Securities by Category (Percent) 90
Chart 2.2: Botswana Stock Exchange: Annual Transactions (Number of Trades) 92
Tables
Table 1.1: Government Budget 2004/05 – 2006/07 (P million) 61
Table 1.2: Pula Exchange Rates Against Selected Currencies 65
Table 1.3: Balance of Payments: 2000–2005 (P million) 66
Table 1.4: Imports in 2005 (P million) 67
Table 1.5: Levels of Foreign Investment in Botswana by Industry (P million as at December 31, 2004) 68
Table 1.6: Levels of Foreign Investment in Botswana by Country (P million as at December 31, 2004) 69
Table 2.1: Primary Assets and Liabilities of Financial Intermediaries 84
Table 2.2: Botswana Financial Sector – 1995 to 2005 (Year end, P million) 94
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BANK OF BOTSWANA ANNUAL REPORT 2005
Table 2.3: Holdings of Government Bonds: end year 2004-2005 (P million – Percent in brackets) 96
Table 2.4: Issue of DPCF Bonds – June 2004 98
Table 2.5: Comparative Statistics – Selected Stock Exchanges in Africa and Other Emerging Countries 101
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BANK OF BOTSWANA ANNUAL REPORT 2005
ABBREVIATIONS USED IN THE REPORT
ABCB African Banking Corporation Botswana
AGOA Africa Growth and Opportunity Act
AIDS Acquired Immunodefi ciency Syndrome
ASEA African Stock Exchange Association
BAB Bankers Association of Botswana
BBS Botswana Building Society
BDC Botswana Development Corporation
BDF Botswana Defence Force
BEAC Business and Economic Advisory Council
BoB Bank of Botswana
BoBCs Bank of Botswana Certifi cates
BOCCIM Botswana Confederation of Commerce Industry and Manpower
BRVM Bourse Regionale des Valeurs Mobilieres
BSB Botswana Savings Bank
BSE Botswana Stock Exchange
BSM Botswana Share Market
BURS Botswana Unifi ed Revenue Service
CEDA Citizen Entrepreneurial Development Agency
CPI Consumer Price Index
CSO Central Statistics Offi ce
DCI Domestic Company Index
DFIs Development Finance Institutions
DPCF Debt Participation Capital Funding
FCAs Foreign Currency Accounts
FDI Foreign Direct Investment
FNBB First National Bank Botswana Limited
GDP Gross Domestic Product
HIV Human Immunodefi ciency Virus
HSBC Hong Kong and Shangai Banking Corporation
ICT Information and Communications Technology
IFC International Finance Corporation
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BANK OF BOTSWANA ANNUAL REPORT 2005
IFSC International Financial Services Centre
IIP International Investment Position
IMF International Monetary Fund
IPOs Initial Public Offerings
JSE Johannesburg Stock Exchange
KBAL Kingdom Bank Africa Limited
MFDP Ministry of Finance and Development Planning
MPC Monetary Policy Committee
MPS Monetary Policy Statement
MTR Mid-Term Review
NBFIs Non-Bank Financial Institutions
NDB National Development Bank
NDP National Development Plan
NEER Nominal Effective Exchange Rate
NEMIC National Employment, Manpower and Incomes Council
OTC Over the Counter
OPEC Organisation of Petroleum Exporting Countries
PDSF Public Debt Service Fund
POPF Public Offi cers Pension Fund
PPADB Public Procurement and Asset Disposal Board
REER Real Effective Exchange Rate
RSF Revenue Stabilisation Fund
SACU Southern African Customs Union
SADC Southern African Development Community
SDR Special Drawing Right
SIT Sechaba Investment Trust
USA United States of America
USD United States Dollar
VAT Value Added Tax
VCB Venture Capital Board
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