linah k mohohlo : official launch of new botswana coins welcome remarks by ms linah k mohohlo, governor of the bank of botswana, at the official launch of the new coin, gaborone, 27 february 2014. * * * on behalf of the board and staff of the bank, i welcome you, sir, your excellency the president and all invited guests, first, to the bank ’ s impressive premises ; second, and more fittingly, to this event, the proceedings of which will culminate in the official launch of the new family of botswana coin. i wish to acknowledge the presence of your lordship the chief justice rre dibotelo, and your excellency the former president, sir ketumile. the honourable minister of finance and development planning, rre matambo, and your honourable cabinet colleagues, the honourable deputy speaker of the national assembly, members of the diplomatic corps, chief executive officers of banks and other financial institutions, distinguished ladies and gentlemen – your presence too is acknowledged. your excellency, as and when we have the opportunity to host you in the bank ’ s premises, as is the case this morning, we feel distinctively honoured. it is all the more so when we are privileged to host you on this particularly special day, february 27. happy birthday your excellency, and many happy returns. i take pride in paving the way for you, sir, to launch the new family of coin and declare them legal tender in botswana, so that they can be available for public use in daily transactions. indeed, the public and business community are anxiously looking forward to the new coins. i have only a few remarks to make before i make way for appropriate officiation. in line with international best practice, the bank embarked on a comprehensive review of the denominations, composition, form and design of the country ’ s currency some years back. once the honourable minister of finance and development planning had given the go ahead, in line with the relevant section of the bank of botswana act ( section 24 ( 2 ) ), the first step of this exercise involved a renewal of all banknotes in 2009, which resulted in the issuance of the pula banknotes currently in circulation. now we have a new set of coin, soon to be launched, the make - up and denomination of which i leave for his excellency the president to speak to. in fact, your excellency ’ s input and guidance

operations conducted to ensure alignment of market interest rates with the monetary policy stance. consequently, given the increase in liquidity that needed to be sterilised, outstanding bobcs amounted to p8. 2 billion in december 2018, an increase from p6. 3 billion in december 2017. bobc yields increased modestly in 2018, reflecting a continuing process of normalisation in the money market interest rate structure. global economic prospects in 2019 looking ahead, while global growth remains strong, the pace is moderating. the global economy is expected to grow by 3. 5 percent in 2019, lower than estimated expansion of 3. 7 percent in 2018. the projected lower growth is premised on anticipated slower expansion in advanced economies, mostly reflecting subdued performance in the euro area. the us gdp growth is forecast to decline from 2. 9 percent in 2018 to 2. 5 percent in 2019, as the impact of the fiscal stimulus dissipates. growth in emerging market and developing economies is projected at 4. 5 percent in 2019, slightly lower than the 4. 6 percent in 2018. overall, risks to the global economic activity are skewed to the downside, with prospects for escalation of trade tensions, tightening financial conditions, a no - deal brexit and relatively weaker growth in china presenting key risks to the outlook. global inflationary pressures are forecast to be modest in the short to medium term, reflecting below - potential output. in this environment, it is anticipated that monetary policy will remain accommodative in most economies, complemented by measures aimed at facilitating financial intermediation, while fostering resilience of the financial sector, to support growth in economic activity. it is, therefore, notable, that the earlier anticipated monetary policy normalisation ( or increase of interest rates ) in the advanced countries is being re - assessed and restrained with the advent of generalised weaker economic performance and heightened policy uncertainty. domestic economic prospects distinguished guests, as the honourable minister of finance and economic development indicated in the 2019 / 20 budget speech, the domestic economy is forecast to grow by 4. 2 percent in 2019, slightly lower than the estimate of 4. 5 percent for 2018. the main factors expected to support growth in economic activity include conducive financing conditions associated with an accommodative monetary policy stance and a sound financial environment. the budgeted 3. 6 percent expansion in government spending in 2019 / 20 and the implementation of initiatives such as the doing business reforms, are