Date Action Comments
1966 - 1976 Member of the RMA No independent exchange rate or monetary policy.
August 1976 Pula introduced and pegged to the USD, at P1=USD1.15. The rand is also pegged to the US dollar at the same rate; hence P1=R1.
April 1977 5 percent revaluation of the Pula; P1=USD1.2075=R1.05 Anti-inflationary measure in response to imported inflation.
January 1979 Introduction of a floating rand exchange rate in South Africa. The rand appreciates against the US dollar as gold price rises; this led to an appreciation of the rand against the Pula.
June 1980 The Pula basket is introduced,  consisting of the SDR and rand in equal weights.  This was aimed at reducing the volatility of the Pula/rand exchange rate.
November 1980 5 percent revaluation of the Pula Anti-inflation measure.
January 1981 Gold price in the world market drops. There is a rapid depreciation of the rand as South Africa’s export earnings collapse.
May 1982 10 percent devaluation of the Pula. Stabilisation measures in response to balance of payments crisis.
February 1984 Foreign debt standstill for South Africa and run on the rand. There is a rapid depreciation of the Pula against the dollar as the rand continues to deteriorate, and similarly rapid appreciation of the Pula against the rand.
July 1984 5 percent devaluation of  Pula Competitiveness measures due to the continued appreciation of the Pula against the rand.
August 1984 Rand weight is restored at 50 percent; after it had fallen to 37 percent by the end of July 1984.

To reduce the drift of the Pula from the rand.
January 1985 15 percent Pula devaluation Competitiveness measure.
January 1986 New Pula basket is introduced with the rand weight increased to 65 percent. This was due to the continued depreciation of the rand against the dollar, which in turn meant that Pula was appreciating against the rand.
June 1989 5 percent Pula revaluation Anti-inflation measure.
August 1990 5 percent Pula devaluation Competitiveness measure.
August 1991 5 percent Pula devaluation Competitiveness measure.
June 1994 Technical adjustment and removal of Zimbabwe dollar from the basket. To reflect changes in trade patterns, and aimed at maintaining competitiveness through real exchange rate stability
February 2004 7.5 percent Pula devaluation Competitiveness measure.
May 2005 12 percent Pula devaluation Competitiveness measure.
May 2005 Adoption of the crawling band mechanism To avoid discrete adjustments of the exchange rate while maintaining stability in the reasl effective exchange rate.
May 2005 Increase of the Bank of Botswana's trading margins from +/-0.125 percent around the centre rate to +/-0.5 percent. To encourage increased inter-bank trading in the foreign exchange market.
May 2005 Reduce the margins from +/-0.5 percent around the centre rate to +/-0.125 percent. To reduce the cost of foreign exchange transactions to customers.