External Sector and Foreign Exchange Reserves In the statement we address the growing pressures on Botswana’s external sector in 2025. Persistent trade deficits, driven by subdued export earnings and elevated import demand for essential commodities, have weighed heavily on our current account and placed our foreign exchange reserves under strain. By September, reserves had declined to levels that posed clear risks to our macroeconomic stability. In response, I outlined the decisive recalibration