Botswana’s foreign reserves have come under growing pressure, falling to P45 billion (US$3.2 billion) as of June 30, 2025, down 27.4 percent from P62 billion (US$4.5 billion) a year earlier.
The decline, highlighted in a report by U.S.-based credit rating agency S&P Global, reflects collapsing diamond revenues, deteriorating public finances, and a rapid erosion of foreign exchange reserves. The agency downgraded Botswana from BBB+ with a negative outlook to BBB, maintaining a negative outlook.
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