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About Bank of Botswana
The establishment of the Bank of Botswana followed a decision to withdraw from the Rand Monetary Area (RMA) under which the South African rand had been the legal currency in Botswana since independence in 1966. Anticipating that negotiations for a new RMA agreement that was more favourable to the smaller members (Botswana, Lesotho, and Swaziland) would be problematic, in 1973 Sir Seretse Khama, the President of Botswana, appointed a Monetary Preparatory Commission. The commission was chaired by Mr H.C.L. Hermans, then the Permanent Secretary, Ministry of Finance and Development Planning. The decision to withdraw from the RMA was announced by President Khama in September 1974.
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