Plot 50671 Independence Avenue. Paragraph (c) of subsection (1) of section 4 of the Bank of Botswana Act (hereinafter referred to as “the principal Act”) is Ownership. Depository and fiscal agency for international financial organisations, PART XAccounts, Financial Statements and Financial Year, 66. Its main objective is to provide financial services to Botswana’s business sector. This should be furnished as part of the banking licence application process, as prescribed by Section 6 of the Banking Act (Cap. In relation to the financial sector, the Bank seeks to foster market integrity, competition, fair business practices and a high standard of governance through consultation and open communication with market players. Financial Intelligence Regulations. (4) The Governor shall serve as the chief executive officer of the Bank responsible to the Board for the execution of its policies and, on behalf of the Board, shall have the direction and control of the business of the Bank with authority to act in connection with the conduct of the business of the Bank in all matters that are not, by this Act or by the Bye-Laws of the Bank, specifically reserved to be done by the Board, and, with the approval of the Board, may delegate these powers to other officers of the Bank. Opening accounts for domestic financial institutions, etc. the Parliament of Botswana. Recovery of lost or stolen notes and coins, 30. PART IIICapital, Profits and Reserves (ss 5-7). The Golden Jubilee Medal for Outstanding Achievement, being an honour awarded in 2016 to individuals and organisations for outstanding contribution to the development of Botswana. (3) In determining profits and losses at the end of the financial year, the Bank shall clearly distinguish profits and losses arising from normal operations and profits and losses arising from exchange fluctuations. The Schedule to the Botswana Honours Act is amended by inserting immediately after the last entry, the following new entry. Botswana Communications Regulatory Authority. PART I — Preliminary 1. Home Laws & RegulationsBank of Botswana Act. (2) The Bank shall have its head office in Gaborone and may establish branches in Botswana and, with the approval of the Minister, abroad, and may appoint agents and correspondents in Botswana and abroad. Established under Bank of Botswana act in 1975 as a central bank and bank of issue on Botswana’s decision to leave the Rand Monetary Area (RMA). Maximum amounts of foreign currency holdings or loans, PART VIIIRegulation of Companies which have Applied for or been Issued with a Tax Certificate, 54. Board of Directors 1. 37. Short title and commencement 2. (1) For the purposes of section 37 (1) of the Act, a specifiedparty   or accountable institution that through a wire transfer, receives into or sends out of Botswana, an amount equal to or above P10 000, on behalf or on the instruction of a customer or any person, shall report to the Agency such transaction. Please click here to subscribe to a subscription plan to view this part of the article. Today 59. (1) A bureau de change shall pay to the Bank, an annual licence fee of P4,000. E-mail: motumisel@bob.bw, 17938, Khama Crescent, Gaborone, Botswana, 9597, Thapama Circle, Francistown, Botswana, Information and Communications Technology, Bank of Botswana Savings and Credit Cooperative Society Limited, History of Exchange Rate Policy in Botswana, Global and Regional Developments on Financial Stability, Regional Consultative Group For Sub Saharan Africa (RCG-SSA), Bank For International Settlements (Committee on the Global Financial System), International Monetary Fund (Global FSR; World Economic Outlook; FSIs), The World Bank (Global Financial Development Report), European Central Bank (Financial Stability Review), Investigations of Illegal Deposit-Taking Activities, Oversight of the National Payments System, Market Statistics - Money Market Operations, Statement of Legal Authority and Governance. A Bureau de Change is a business licensed under the Bank of Botswana Act to carry out the business of buying and selling foreign currency. (2) Any net losses incurred by the Bank in any financial year shall, after the Bank has advised Government thereof, be charged first to the General Reserve and then to the Capital. In this Act, unless the context otherwise requires-. 59. (a)   first and foremost to promote and maintain monetary stability, an efficient payments mechanism and the liquidity, solvency and proper functioning of a soundly based monetary, credit and financial system in Botswana; (b)   secondly, in so far as it is not inconsistent with the objectives set out in paragraph (a), to foster monetary, credit and financial conditions conducive to the orderly, balanced and sustained economic development of Botswana; and. (a)   meeting all expenses for such year; (b)   making provision for bad and doubtful debts; (c)   making provision for depreciation of physical assets; (d)   making provision for pensions, gratuities and other benefits for its officers and employees; (e)   making provision for such other items as the Board may deem necessary; (f)   making good the issued capital and General Reserve balances; and. The Pula Fund, with an estimated value of some USD 5.06 billion as at 2016, was established under the Bank of Botswana Act and forms part of the country’s foreign exchange reserves, which are primarily funded by diamond revenues. Posted in Laws & Regulations. An Act to provide for the establishment of the Bank of Botswana, its constitution, objectives and powers; to regulate the issue of Bank notes and coins; to provide for certain matters connected with banking, currency and coinage, and for matters connected therewith and incidental thereto. Gaborone, Botswana. Regulation and Supervision. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. The Bank of Botswana currently operates under the Bank of Botswana Act, 1996 (Cap 55:01). "Bank" means the Bank of Botswana established under section 3; "Board" means the Board of the Bank established under section 8; "Deputy Governor" means a deputy governor appointed under section 13; "financial institution", "bank" and "licensed" shall have the same meanings ascribed thereto under the Banking Act (Cap. 18. SECTION ARRANGEMENT OF SECTIONS PART I - Preliminary 1. (2) In the attainment of the objectives set out in subsection (1), the Bank shall have and may exercise all the powers generally conferred upon a central bank. 36. (2) Government shall be the sole subscriber to and holder of the capital of the Bank, and its holdings of such capital shall not be transferable in whole or in part or be subject to any encumbrance whatsoever. This Act may be cited as the Bank of Botswana Act. Legislation Applicable To Non-Bank Financial Institutions. Requirements for obtaining a Banking Licence An “Application Package for a Banking Licence” is available from the Bank of Botswana on request. (c)   thirdly, to assist insofar as it is not inconsistent with the objectives as set out in paragraphs (a) and (b), in the attainment of national economic development goals. An Act to provide for the establishment of the Bank of Botswana, its constitution, objects and powers; to regulate the issue of Bank Notes and Coins; to provide for certain matters connected with banking, currency and coinage, and for matters connected therewith and incidental thereto. Banker, fiscal agent of and adviser to Government, 55. 55:01) Banking Act (Cap. 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004 and relevant directives, policies and guidelines. Requirements for a banking licence include: F : +267 395 7976. Borrowings by Government and public bodies, etc. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. (3) A quorum at any meeting shall consist of 50 per cent of the members excluding the chairman. Chapter59-04 National Archives and Record Services In 1974 Botswana withdrew from the RMA, and the Bank of Botswana and Financial Institution Acts established the legal framework for a central bank in Botswana to be established in July 1975, with Christopher H. L. Hermans as the first Governor. The bank is banker and adviser to the government, banker to … BANK OF BOTSWANA (BUREAUX de CHANGE) REGULATIONS (section 73 ) (24th September, 2004 ) (1) Every bank as defined in the Banking Act shall maintain primary reserves with the Bank of Botswana of five per cent of total deposits. (1) The principal objectives of the Bank shall be-. Banker and fiscal agent to Government boards and agencies. The Bank of Botswana has compiled a set of documentation referred to as the ‘Application Package for a Banking Licence'. Act 19, 1996, Act 19, 1999. (2) The primary reserve requirement specified in subparagraph (1) shall be met solely by deposits at the Bank of Botswana. Nurses and Midwives Act Nurses and Midwives. Chapter46-01 Insurance Industry International Insurance Act 2005 International Insurance Regulations 2007. 5. Copyright 2015. Authority to transact foreign exchange business, 32. (3) Subject to the provisions of this Act, the Governor and the Deputy Governors shall be appointed on such terms and conditions as may be set out in their letters of appointment, which terms and conditions shall not, during their term of appointment, be altered to their disadvantage. The Act repeals Nursing & Midwifery Order 19 of 1993 and makes ... 23251121. E : info@bocra.org.bw (1) The authorised capital of the Bank shall be P25 000, 000. Authorised shares of the Bank 5. Non-Bank Financial Institutions Regulatory Authority Act 2 of 2016. 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004. Week 1094. 55:01), Banking Act (Cap. Supplement C — Botswana Government Gazette dated 17th April, 2003 Statutory Instrument No. Month 2348. Banking Act 1995. Application 3. Posted on March 02, 2017. Act 612 Bank of Ghana Act, 2002 (3) An instrument issued under subsection (2) may include provisions relating to inspection; management audit; and any other aspect of operation of non-banking institutions. 55:01), Banking Act (Cap. Sole right to issue notes and coins, 24. Accounts, financial statements and financial year. Kubik-Rubik Joomla! Revision Date: 1 Jan 2002. These businesses are licensed to give members of the public assurance that the businesses are operating prudentially and in … (2) Of the members appointed by the Minister under subsection (1), not more than two shall be public officers. Excluding or limiting application of Act 19. Whilst every effort has been made to ensure the accuracy of the information contained in this publication, nevertheless it is possible that errors or omissions may have occurred in the content. Bank of Botswana Act < Prev. Transactions in Government securities, 62. All 117292. Joomla SEF URLs by Artio. 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004 and relevant directives, policies and guidelines. (2) The Board may make Bye-Laws and issue directives and instructions to regulate the conduct of the business of the Bank, and may delegate its powers to the Governor or to such committees as the Board may establish. Nbfira ) NBFIRA is an independent Regulatory agency for International financial organisations part. Deposits at the Bank of Botswana this section of the article is only available for our subscribers reserve, VIIRelations. 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