The official currency of Botswana is the Botswana Pula (BWP). The Pula is divided into 100 thebe. The symbol for the Pula is P. The Pula is rated as one of the strongest currencies in Africa.
Economy
From 1966 to 1999 Botswana had the highest growth rate in the world. The estimated growth rate during that time period was 9%.
Botswana has been maintaining budget surpluses and they have a large foreign exchange reserve.
The mining industry plays an important part in the economic growth and accounts for 36% of the GDP.
Agriculture in the country is low and accounts for only 1% of the total GDP.
Top industries are textiles, salt, diamonds, soda ash, nickel, potash, livestock processing, and copper.
Export products are soda ash, textiles, meat, copper, diamonds, and nickel.
The top export product of Botswana is diamonds.
Import products are electrical goods, textiles, paper products, wood, petroleum and fuel products, machinery, and foodstuffs.
Unemployment is estimated at 7%.
Botswana’s military expenditures are considered high and are criticized by the international market.
70% of the country’s electricity is imported from South Africa.
History
In 1976, the Pula was introduced to replace the South African Rand. Banknotes were printed in denominations of 10, 5, 2, and 1 Pula.
In 1978, the first 20-pula note was introduced.
From 1991 to 1994, the 1-pula banknotes and 2-pula banknotes were replaced by coins.
In 2000, the 5-pula banknote was replaced with a coin. The original banknotes were discontinued and are no longer part of the currency.
In 2009, the latest Pula notes were introduced and the first 200-pula note was introduced.
