Botswana Economy
The Botswana economy is one of the strongest in Africa. With the Botswana currency, the Pula (BWP) being the strongest in Africa, stronger than the South African Rand (ZAR).
The Botswana legal tender, the pula was introduced in 1976. Before that the South African Rand was the legal tender for Botswana.
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Pula. 1 pula equals 100 thebe. (Pula means "rain" and "greetings.") Notes come in 5-, 10-, 20-, 50-, and 100-pula denominations, and coins come in denominations of 1, 5, 10, 25, and 50 thebe and 1 and 2 pula.
Botswana was one of the poorest countries when she attained her political independence in 1966 with a per capita income of about P60 (equivalent then to roughly US$80).
The country's economy was dependent almost entirely on livestock production until the 1970s, when it became an important exporter of diamonds and other minerals.
Over the past 35 years, the economy has experienced one of the most rapid economic growths in the region. This has been translated into development in the form of infrastructure as well as improvement in the standard of living of Batswana.
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Botswana had the highest rate of economic growth in the world from 1966–1997 (averaging at 9.2%), after which it was adversely affected by the Asian financial crisis.
Botswana's diamond mines collectively make up one of the largest diamond reserves in the world. Economic Freedom Botswana's economy is 68.4 percent free, according to Index of Economic Freedom 2007 assessment, which makes it the world's 38th freest economy.
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