When Botswana gained independence from Britain in 1966, the country was part of the Rand Monetary Area (RMA). In 1974 Botswana withdrew from the RMA, and the Bank of Botswana and Financial Institution Acts established the legal framework for a central bank in Botswana to be established in 1975. The pula was launched as a national currency in 1976, and in 1977 the Bank of Botswana became the government banker.[1]