It is also know n that the exchange rate is continuously adjusted using an annual rate of craw l  based on the  difference in the projected inflation of the trading partner countries and Botsw ana’ s inflation objective;  this rate of  craw l is public know ledge, typically announced at the beginning of the year.
There were several reasons, but the difficult debt situation of the Southern European countries was a key trigger. Not only the so-called peripheral economies were hit, but the disturbances were felt globally as well. The interbank markets also reacted, so that money market spreads increased dramatically, in Europe to highest levels since 2009.