Botswana has begun the process of converting its cash into euros at the country’s ATMs, which is expected to bring faster cash flow to the economy and help the country cope with a shortage of cash.
Botswana’s central bank says it has recorded 3.5 billion euros ($4.5bn) in cash transactions, which means it will be worth around 9.3 billion euros in the coming months.
The cash transactions will also provide savings for the country and ease the burden of the countrys huge unemployment problem.
The government plans to sell bonds to fund its bailout efforts.
But the currency change will also have a long-term impact on Botswana, where inflation has reached more than 40 percent.
The country’s economy is in recession.
Botswanans earn between $5.60 and $7.80 per day, while the average monthly salary is $1,900.