Botswanan Pula

The Botswana pula is the official currency of Botswana. It has been pegged to the South African rand since 1976, and the two currencies are considered interchangeable. The name "pula" means "rain" in Setswana, and is also the name of the country's national currency. The Botswana pula was introduced in 1976, replacing the Botswana rand at par. The rand was itself replaced by the South African rand in 1961. The pula was originally pegged to the rand at a rate of 1:1, but the two currencies began to diverge in value in the early 1990s. In 2000, the Botswana pula was devalued by 30% against the rand, but has since recovered somewhat. The Botswana pula is subdivided into 100 thebe. Coins are available in denominations of 5, 10, 25, 50 thebe and 1, 2, 5 pula. Banknotes are available in denominations of 10, 20, 50, 100, 200, 500 pula. The Botswana pula is one of the strongest currencies in Africa. It is also one of the most stable, due to Botswana's strong economic fundamentals. The country has a large reserves of diamonds and other minerals, and a well-managed economy. The Botswana pula is widely accepted in South Africa, and can be used interchangeably with the rand. Botswana is a member of the Southern African Common Monetary Area, which allows for the free flow of currency between the countries in the area.