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.

The Bank of Namibia (BoN) has announced that it will increase the repo rate by 25 basis points to 7.25% following a rise in inflation rates in March.

Food inflation will remain the main driver of inflation in Namibia for the remainder of 2023 due to food shortages in both Namibia and South Africa, as well as a weaker Rand exchange rate.

The annual inflation rate increased by 7.2% last month, compared to 4.5% in March last year, with the highest rates recorded in the two Kavangos, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi regions.

The Bank of Namibia (BoN) announced on Wednesday that some of the COVID-19 relief measures will remain in place to support economic recovery.

In a media statement issued on Wednesday, BoN’s Strategic Communications and International Relations Director, Kazembire Zemburuka, said BoN has decided to continue with some of the measures instituted to cushion households and businesses from the impacts of the COVID-19 pandemic and its related restrictions on economic activities.

The Bank of Namibia has declared a dividend of N$413. 7 million to the government. 

The dividend was handed over at the launch of the bank's 2022 Annual Report in Windhoek. 

Commending the bank, on behalf of the government, was the Deputy Minister of Finance who noted that the dividends will make a difference in the lives of the less privileged, previously marginalized communities as well as in building the economy.  

The Namibian banking institutions have solid financial buffers to withstand risks from internal and external shocks.

The Bank of Namibia gave this assurance following financial turbulences in banking institutions in the United States and Europe.

The latest international financial crisis involves Swiss Bank Credit Suisse, which was rescued by a sister Swiss company.

The Black Business Leadership Network of Namibia (BBLNN) has cautioned banks not to send black entrepreneurs away when applying for the SME Recovery Loan Scheme.

This came after the organization received various complaints that its members were having difficulties accessing funding since the scheme's revival.

BBLNN says some banks have even added terms and conditions to exclude black businesses from doing business with them.

Namibia's financial system will continue uninterrupted, despite the greylisting of South Africa.

This assurance is given by the Bank of Namibia, following the rating of South Africa by the Financial Action Task Force (FATF).

The greylisting means that South Africa's financial system has deficiencies in fighting money laundering and terrorism financing.

BoN says Namibia was subjected to an evaluation exercise by the FATF last year and is making steady progress to address findings related to money laundering and terrorist financing.

The Bank of Namibia (BoN) has awarded bursaries to nine undergraduate students to pursue their studies at various institutions of higher learning.

Over the past twenty years, the Central Bank has awarded bursaries for the development of human capacity and provided a helping hand to those from less privileged families.

The Bank of Namibia (BoN) and Banco Nacional de Angola (BNA) have prioritized trade facilitation through payment system integration enabled by digital capabilities as a means of realizing the efficient movement of goods and services between the two countries.

The two banks strengthened their bilateral relations through the signing of a memorandum of agreement.