Botswana is weakening the pula on purpose. It was worth more than the rand for years, because diamond money filled the reserves. That money is drying up. Import cover fell from over 10 months to about 5 by early 2025, and the central bank nearly doubled the pace it walks the pula down, from about 1.5% a year to about 2.8%. Namibia should be watching this before the oil arrives. #Botswana #Pula #Diamonds #AfricanMarkets #GlobalArbitrage