Botswana's Financial Stability Council met on 7 May 2026 and issued an assessment that described the financial system as broadly resilient while identifying sovereign risk as the most significant and growing threat to stability. The council, which includes the Bank of Botswana Governor and the Permanent Secretary of Finance, named delayed government payments to private firms as a specific systemic risk. With the three-month Treasury Bill rate clearing near 11%, foreign exchange reserves at P47.4 billion, and the budget deficit projected at P26.4 billion for FY2026/27, this edition analyses what the FSC's carefully worded statement actually signals, what is sitting underneath the resilience headline, and why the 18 months ahead are the critical window. Published 19 May 2026 by Chilo Ketlhoafetse, ACCA, ACPA, MSc Finance and Management. The Capital Brief, The Capital Media.
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