The repo rate will remain unchanged at 7.75% for the upcoming two months.

This announcement was made by Bank of Namibia (BoN) Governor Johannes !Gawaxab during the monetary policy declaration at Oshakati.

The Bank's Monetary Policy Committee held its bi-monthly meeting on the 14th and 15th of August this year and decided on the appropriate monetary policy stance to be implemented over the next two months.

The decision was taken to uphold the stability of the peg between the Namibian dollar and the South African Rand and to bolster the domestic economy.

The Bank of Namibia is hosting a two-day economic reporting workshop for northern journalists to enhance their capacity to report accurately and effectively on economic issues.

In her welcoming remarks, the Bank's Branch Manager at Oshakati, Moudi Hangula, says that by hosting such a workshop, the bank is also striving to promote transparency and open dialogue with the media countrywide.

Remittances, or money transferred by Namibians working abroad, make a significant contribution to the country's economy and foreign currency earnings.

According to the Bank of Namibia, remittance inflows in the country are estimated to be over N$1.5 billion annually.

In Namibia, remittance inflows mostly come from Canada, the United States, and parts of Europe such as the United Kingdom, contributing about 0.9% to the Gross Domestic Product.

The Governor of the Bank of Namibia, Johannes !Gawaxab, says the persistently high cost of living is a cause for concern that puts ordinary Namibians under pressure.

!Gawaxab advised that central banks combat inflation that disproportionately affects vulnerable members of society.

The Bank of Namibia recently hosted the central bank Governors of the Common Monetary Area, South Africa, Lesotho, and Eswatini.

The meeting was aimed at assessing the state of the economies and the progress made thus far on the implementation of the Common Monetary Area strategy.

The Bank of Namibia (BoN) wants credit extension decisions to be taken locally, a move it says is not against foreign investment.

The Bank's Governor, Johannes !Gawaxab says the amount of credit extended to locals currently, especially Small and Medium Enterprises, is quite low.

The central bank is thus proposing amendments to the law to enable it to authorise Namibians to make credit extension decisions.

The Bank of Namibia (BoN) is worried about the risks posed to the positive economic outlook by challenges such as water supply disruptions, looming droughts, and infrastructure constraints.

The central bank's top management, led by Governor Johannes !Gawaxab, flagged this during a courtesy call on President Hage Geingob at State House.

Although economic activity improved during the first four months of 2023, challenges including water supply disruption, a looming drought, and infrastructure constraints could impact future projections.

The Bank of Namibia (BoN) projects an increase in the government's income as well as a narrowing of the budget deficit for the 2023–24 financial year.

In its June 2023 quarterly report, the central bank says the government's debt is expected to decline to 4,6% of the Gross Domestic Product from 5,1% in the previous financial year.

Revenue collection is expected to increase by 16,5% to N$74.7 billion, owing to a significant increase in SACU receipts, coupled with a rise in company and individual taxes as well as value-added tax.

The Bank of Namibia (BoN) has so far paid out N$ 85,9 million to SMEs through its SME Economic Recovery Loan Scheme. 
The Scheme is designed to support SMEs in an effort to promote economic recovery. 

The Central Bank says the SME Economic Recovery Loan Scheme is a much-needed boost that has created employment opportunities for Namibians who would have otherwise been jobless in the aftermath of the COVID-19 pandemic and geopolitical storms. 

Metcalfe Beukes Attorneys is calling on the Bank of Namibia (BoN) to intervene in how commercial banks deal with defaulting home loan holders.

In a letter directed to the Governor of the Central Bank, Attorney Richard Metcalfe accused commercial banks of economically enslaving defaulters and ignoring relief measures provided for by the Bank of Namibia.

In a five-page letter written on behalf of numerous home loan holders, the firm says homeowners are forced to default due to economic circumstances such as the COVID-19 pandemic.

Metcalfe Beukes Attorneys is calling on the Bank of Namibia (BoN) to intervene in how commercial banks deal with defaulting home loan holders.

In a letter directed to the Governor of the Central Bank, Attorney Richard Metcalfe accused commercial banks of economically enslaving defaulters and ignoring relief measures provided for by the Bank of Namibia.

In a five-page letter written on behalf of numerous home loan holders, the firm says homeowners are forced to default due to economic circumstances such as the COVID-19 pandemic.