(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. The publishers assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided in this publication and/or for any consequences of any actions taken on the basis of the information provided, legal or otherwise. Banks are licensed in accordance with section 6 of the Banking Act and section 3 of the Banking Regulations, 1995. Nurses and Midwives Act Nurses and Midwives. (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. 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). monitors and investigates unlicensed, illegal deposit-taking activities and practices. (1) A bureau de change shall pay to the Bank, an annual licence fee of P4,000. 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004 and relevant directives, policies and guidelines. Financial Intelligence Act Commencement Date. (2) Pursuant to its Bye-Laws, the Board may provide for regular meetings for which no notice shall be necessary, and for special meetings to be convened at the written request of the Governor or any two other members, for which special meetings notice shall be required. An Act to provide for the regulation of non-bank financial institutions for the purpose of enhancing the safety and soundness of non-bank financial institutions, setting high standards of conduct of business by non-bank financial institutions, improving the fairness, efficiency and orderliness of the non-bank financial sector and the stability of National Clearance and Settlement Systems Act 5, 2003. Transactions in Government securities, 62. PART IIEstablishment, Constitution and Objectives (ss 3-4). 36. 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. Borrowings by Government and public bodies, etc. The Bank of Botswana has compiled a set of documentation referred to as the ‘Application Package for a Banking Licence'. Excluding or limiting application of Act 19. Chapter59-04 National Archives and Record Services Management of Government securities, 58. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. Email Print Bank of Botswana Act. Sole right to issue notes and coins, 24. The bank is banker and adviser to the government, banker to … Week 1094. Limitation on lending to Government, 63. 61. Home | Terms & Conditions | Privacy Statement | Publishing Services | Blackhall Publishing | Contact Us | Sitemap. Gaborone, Botswana. (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. 55:01), Banking Act (Cap. Please click here to subscribe to a subscription plan to view this part of the article. The Act repeals Nursing & Midwifery Order 19 of 1993 and makes ... 23251121. Joomla SEF URLs by Artio. The bank is 100 percent owned by the government of Botswana. Authorised shares of the Bank 5. 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. "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. These businesses are licensed to give members of the public assurance that the businesses are operating prudentially and in … T : +267 395 7755. Bank of Botswana January 22, 2021 PRESS RELEASE REVOCATION OF BUREAU de CHANGE LICENCE The Bank of Botswana (Bank) wishes to inform members of the public that, in line with licensing powers enshrined in Section 30(1) of the Bank of Botswana Act (Cap. F : +267 395 7976. (1) At the end of each financial year of the Bank, the Bank shall transfer any net profits from its operations to the Government in accordance with a schedule to be agreed between the Bank and the Minister after-. Chapter46-01 Insurance Industry International Insurance Act 2005 International Insurance Regulations 2007. At an operational level, the Bank of Botswana: For more information, contact Banking Supervision Department, Tel: (267) 3606354 Websitewww.bankofbotswana.bw. Kubik-Rubik Joomla! BANK OF BOTSWANA (BUREAUX de CHANGE) REGULATIONS (section 73 ) (24th September, 2004 ) The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. The Pula Fund, with an estimated value of some USD 4.74 billion as of 2018, 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. (4) An instrument issued under subsection (2) shall be under the signature of the Governor. (g) deducting any amounts due and payable to the Bank by the Government. (4) The members appointed under this section shall be entitled to such fees and allowances as may be determined by the Board with the approval of the Minister. (2) Of the members appointed by the Minister under subsection (1), not more than two shall be public officers. PART IVBoard, Management and Staff (ss 8-19). Regulation and Supervision. (2) The Deputy Governors shall be entitled to attend all meetings of the Board but shall have no vote except when acting as Chairman or unless they have been appointed members under section 10. Depository and fiscal agency for international financial organisations, PART XAccounts, Financial Statements and Financial Year, 66. To register for Online and Mobile Banking, please visit one of our branches to apply for ATM / Debit / Credit Card. Non-Bank Financial Institutions Regulatory Authority Act 2 of 2016. Communications And Media Law. Chapter55-01 Bank of Botswana Act Chapter56-04 Development Loan (Botswana Registered Bonds) Collective Investment Undertakings Act 2001. 39. 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. As set out in the Bank of Botswana Act (Cap 55:01, section 4), the Bank has the following principal objectives: (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; Payment Systems The Bank of Botswana has legislative oversight of the National Payments System (NPS) in Botswana which ensures the effective functioning of all processes relating to financial payments and settlements. (1) There is hereby established a central bank, to be known as the Bank of Botswana, which shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its corporate name and which, subject to the provisions of this Act, may hold and dispose of movable and immovable property and do all such other things as are necessary for or conducive to the proper carrying out of its objectives and the performance of its functions. The Government is the Bank’s sole shareholder and to which the Bank is the chief adviser on financial … 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004. A complete application package can be obtained on request from the Banking Supervision Department. Requirements for a banking licence include: (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. (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. 18. Month 2348. (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. 59. 55:01) Banking Act (Cap. In this Act, unless the context otherwise requires-. In this Act, unless the context otherwise requires — "agent" includes any person employed by or acting for another; "Deputy Director" means a … PART IIEstablishment, Constitution and Objectives, 15. E : info@bocra.org.bw 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. 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. 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. Blackhall Publishing. Brief History. If you need professional or legal advice you should consult a suitably. The publishers do not accept any liability whatsoever arising from any errors or omissions to any person acting or refraining from acting as a result of the information contained in this publication. Insurance Law. Banking Act 1995. 2. Yesterday 90. Short title and commencement 2. PART IIICapital, Profits and Reserves (ss 5-7). (1) The President shall appoint a Governor of the Bank and such number of Deputy Governors as he may consider necessary. 5. Application 3. SECTION ARRANGEMENT OF SECTIONS PART I - Preliminary 1. 46:04); "Governor" means the Governor of the Bank appointed under section 13; "legal tender" means currency which, legally, cannot be refused to settle debt or to effect payment at an agreed price; "member" means a member of the Board and includes the Governor; "officer" means an employee of the Bank who is authorised by the board to sign legal or other documents on behalf of the Bank; "public issue" means any financial instrument issued or guaranteed by Government, which members of the public are eligible to hold. Home Laws & RegulationsBank of Botswana Act. 55:01), Banking Act (Cap. Its second objective is to earn satisfactory returns on shareholders' funds. (1) The Board shall meet as often as the business of the Bank may require but not less frequently than once in each quarter of the year. (3) The members appointed under this section, other than the Deputy Governors, shall be appointed for terms not exceeding four years and shall be eligible for re-appointment. Botswana Communications Regulatory Authority. (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. Paragraph (c) of subsection (1) of section 4 of the Bank of Botswana Act (hereinafter referred to as “the principal Act”) is Citation 2. (2) The Governor and the Deputy Governors, who shall be persons of recognised experience in financial matters, shall be appointed for a term not exceeding five years, and shall be eligible for re-appointment. The Bank of Botswana currently operates under the Bank of Botswana Act, 1996 (Cap 55:01). Interpretation 4. (2) The primary reserve requirement specified in subparagraph (1) shall be met solely by deposits at the Bank of Botswana. To achieve this objective, the Bank is guided by the Bank of Botswana Act (Cap. Posted on March 02, 2017. 46:04) and Section 3 of the Banking Regulations, 1995. Authority to transact banking … (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. This Act may be cited as the Bank of Botswana (Amendment) Act, 1987. 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. Revision Date: 1 Jan 2002. 37. Financial Intelligence 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. Plot 50671 Independence Avenue. Adequacy of Primary International Reserve, PART VIIRelations with Financial Institutions. CAP. 2. (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. Agent for the administration of exchange control, 64. Regulations Act 21, 1998. Authority to transact foreign exchange business, 32. (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. Determination of rates for discounts and advances, 42. (1) The principal objectives of the Bank shall be-. Today 59. Accounts, financial statements and financial year. An Act to provide for the establishment of a Consumer Protection Office; to provide for the protection of the interests of consumers by means of investigation, prohibition and control of unfair business practice; to disseminate consumer-related information; and to Recovery of lost or stolen notes and coins, 30. To achieve this objective, the Bank is guided by the Bank of Botswana Act (Cap. Opening accounts for domestic financial institutions, etc. All 117292. 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. Appointment of officers, employees, agents and correspondents, 22. Supplement A - Botswana Government Gazette dated 7th July, 1995 BANKING ACT 1995 NO.13 of 1995. Bank of Botswana Act < Prev. (1) The Board shall consist of the Governor, who shall be Chairman, and eight other members appointed in accordance with section 10. Interpretation PART II - Licencing of Banks 3. (1) The Bank shall establish and maintain a General Reserve sufficient to enable it to accomplish its principal objectives, the amount of which General Reserve shall be determined from time to time by the Board in consultation with the Minister. Bank depository of Government funds, 56. (1) The authorised capital of the Bank shall be P25 000, 000. 46:04), Banking Regulations 1995, Bureaux de Change Regulations 2004 and relevant directives, policies and guidelines. Posted in Laws & Regulations. (3) A quorum at any meeting shall consist of 50 per cent of the members excluding the chairman. 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. This section of the article is only available for our subscribers. National Development Bank of Botswana was established in 1963 by act of parliament. If any member dies, resigns, ceases to hold, or is otherwise removed from office before the expiry of the term for which he has been appointed, another person shall be appointed at the earliest opportunity under section 9 or 10, as the case may be, for the remaining period of such first-mentioned member's term. All Rights Reserved. (1) The members, other than the Governor, shall be the Permanent Secretary of the Ministry responsible for finance and persons appointed by the Minister from among persons of good standing and experience in business, professional or academic matters. (3) Whenever the assets of the Bank are less than the sum of its liabilities and capital, the Minister, notwithstanding the provisions of any other written law, shall cause to be transferred to the ownership of the Bank non-negotiable non-interest bearing Government securities for such amount as is necessary for the purpose of preserving such capital from any impairment, which securities shall be a charge on the Consolidated Fund. This Act may be cited as the Bank of Botswana Act. Annual fee. Maximum amounts of foreign currency holdings or loans, PART VIIIRegulation of Companies which have Applied for or been Issued with a Tax Certificate, 54. Requirements for obtaining a Banking Licence An “Application Package for a Banking Licence” is available from the Bank of Botswana on request. The Schedule to the Botswana Honours Act is amended by inserting immediately after the last entry, the following new entry. 14.05. 13 of 1995) BANKING (ANTI-MONEY LAUNDERING) REGULATIONS, 2003 (Published on 17th April, 2003) ARRANGEMENT OF REGULATIONS REGULATION 1. 1. Date of Assent: 22.4.75 Date of Commencement: On Notice (1) There shall be a Board of the Bank, constituted in accordance with section 9, in which the powers of the Bank, subject to the provisions of this Act, shall be vested and which shall be responsible for the policy and general administration of the Bank. Regulates and supervises the BSE, The Central Securities Depository Company of Botswana (CSDB) and the four licensed stockbrokers in conjunction with the BSE. (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. In addition to providing for the establishment of a central bank in Botswana, the Act describes the Bank’s constitution, powers and objectives, as well as its relationship with the Botswana Government. Banking financial service laws in Botswana are proposed to be amended to comply with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) mutual evaluation to Botswana.The banking financial service laws proposed to be amended are the Banking Act, the Proceeds and Instruments of Crime Act and the Financial Intelligence Act. Act 19, 1996, Act 19, 1999. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. Copyright 2015. Legislation Applicable To Non-Bank Financial Institutions. Bank of Botswana Act (Cap. Fax: (267) 3913862 (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. Non-Bank Financial Institutions Regulatory Authority (NBFIRA) NBFIRA is an independent regulatory agency for the non-bank financial institutions. Banker and fiscal agent to Government boards and agencies. Board of Directors 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. Banker, fiscal agent of and adviser to Government, 55. 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. (2) Where a payment under sub regulation (1) is made after a period not exceeding 12 months after the expiry of a licence, the Bank shall impose a penalty in accordance with sub regulation (3). Opening accounts for other institutions, etc. This Act may be cited as the Corruption and Economic Crime Act, 1994. Botswana Nursing An Midwifery Act Free PDF eBooks. (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. Bank of Botswana Act 19 of 1966[Cap 55:05] Banking Act 13, 1995 [Cap 46:03] Banking (anti-money laundering) Regulations of 2003. (2) The Bank may transfer, to the General Reserve, funds from other reserve accounts which it maintains. 55:01), and Bank of Botswana (Bureaux de Change) Regulations An Act to amend the Bank of Botswana Act Date of Assent: 22.7.87 Date of Commencement: 31.7.87 ENACTED by the Parliament of Botswana. Ownership. Manufacture and characteristics of notes and coins, 28. Disqualification and removal from office, 17. Financial Intelligence Act. sets transparent criteria, guidelines and other requirements for market entry as set out in the Licensing Policy; establishes and regularly updates prudential policies and standards; monitors solvency, liquidity, large exposures, insider loans, provisioning and risk-management strategies, as well as the adequacy of management and governance structures for the sound operation of banks; establishes effective systems for off-site surveillance and on-site examination, including reporting, accounting, auditing and disclosure standards; ensures timely supervisory action and compliance with the banking and other related laws governing the operations of banks in Botswana; and. Supplement C — Botswana Government Gazette dated 17th April, 2003 Statutory Instrument No. PART I — Preliminary 1. 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. the Parliament of Botswana. 17 of 2003 BANKING ACT (Act No. To this end, the Bank has committed to upholding a high standard of professional conduct in line with international regulatory and accounting standards for effective banking supervision. Or stolen notes and coins, 24 instrument issued under subsection ( 1 ) the principal Objectives of members... ( NBFIRA ) NBFIRA is an independent Regulatory agency for International financial organisations, part VIIRelations financial... Government boards and agencies members appointed by the Minister under subsection ( 1 ) shall be the! Act 1995 NO.13 of 1995 administration of exchange control, 64 Clearance and Settlement Systems Act,! 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