Elections

 

Bank of Namibia expects economic growth

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The domestic economy is expected to expand by 3.7% in 2024 and is forecast to further grow by 4.1% in 2025, indicating a positive trajectory for the country's economic landscape.

This projection was given in the Bank of Namibia's (BoN) Economic Outlook update for March 2024, shedding light on the nation's economic prospects.

On a global scale, the economic outlook remains tepid for 2024, with a slight improvement anticipated in 2025. This projection, the central bank says, is influenced by factors such as elevated central bank policy rates to combat inflation.

BoN declares dividend of over half a billion dollars

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The Bank of Namibia (BoN) has declared a dividend of more than half a billion dollars.

This underscores a major improvement in the central bank's performance for the past financial year compared to that of the previous financial year, representing an increase of almost N$100 million.

During the previous financial year, the bank distributed a dividend of N$413.7 million.

BoN's 2023 annual report, prepared in line with the Bank of Namibia Act, shows that the central bank declared a dividend of N$511.5 million to its main and only shareholder, the government.

Namibia greylisted by the Financial Action Task Force

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Namibia has been greylisted by the Financial Action Task Force (FATF) because of concerns over the effectiveness of some of its compliance standards with anti-money laundering, combating the financing of terrorism, and combating proliferation financing provisions.

In 2022, Namibia underwent evaluation by FATF, during which shortcomings in the effectiveness of compliance were identified.

Namibia was given 12 months until the end of October 2023.

Hardap residents remember President Geingob despite rain 

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Despite drizzling rain, Hardap residents continued with the regional memorial service in honour of the late President Geingob.

As part of the regional memorial services, hundreds of residents gathered at the Mariental Sports Field to pay tribute and honour the man they call like no other.

Halfway into the programme, the rain started to drizzle; however, this did not deter the residents, who sang hymns and marched through the stadium as a tribute to the late President.

Public warned on fraudulent investment scam

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The Bank of Namibia (BoN) has issued a warning to the public, highlighting a concerning rise in fraudulent investment scam activities.

These scams have been targeting and leveraging references to the Namibian government, its various ministries, offices, and agencies.

Perpetrators of these fraudulent investment schemes have been particularly focused on offering unsolicited financial assistance to fund Namibia's developmental initiatives.

Meatco undersells meat on international market

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It has come to light that Meatco has been selling its products at significantly cheaper prices on the international market compared to its local competitors.

The company is bleeding financially and is being bailed out by the government regularly.

The Bank of Namibia, in a damning report to the Minister of Finance and Public Enterprises, estimates that Meatco's revenue was N$4 billion less than its local competitors, which export meat to the same market, between 2018 and 2023.

BoN officially a member of Network for Greening the Financial System

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In a move to support sustainable economic growth and combat climate change, the Bank of Namibia has officially become a member of the Network for Greening the Financial System (NGFS).

This network, composed of central banks and financial supervisors, aims to promote environmentally responsible management within the financial sector.

As of December 2023, the Bank of Namibia (BoN) was inducted as a plenary member, standing alongside 134 other members and 21 observers, to foster a collective response to meet the Paris Agreement's objectives.

Martin Inkumbi new GIPF CEO

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Former Development Bank of Namibia's (DBN) Chief Executive Officer, Martin Inkumbi, has been appointed CEO of the Government Institutions Pensions Fund (GIPF), effective January 15, 2024.

Inkumbi has over 26 years of experience in various sectors, namely banking, economic research, corporate finance, developmental finance, and business strategy.

Domestic economy projected to expand by 3,9 %

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The domestic economy is projected to expand by 3.9% in 2023, followed by a moderation to 3.4% in 2024. 

This is contained in the latest economic outlook released by the Bank of Namibia (BoN).

The central bank's latest forecast reflects a downward revision of 0.2% compared to the previous update.

Despite the expected slowdown, Namibia's economy remains resilient amidst a challenging global economic landscape.

Repo rate remains unchanged

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The Monetary Policy Committee of the Bank of Namibia has again decided to keep its repo rate unchanged at 7.5%.

The Bank of Namibia says the decision follows a comprehensive review of global, regional, and domestic economic developments.

The repo rate is the rate at which commercial banks borrow money from Namibia's Central Bank.

The decision to keep the repo rate unchanged is aimed at safeguarding the peg of the Namibian dollar with the South African Rand and supporting the domestic economy.