BoN launches robotic coding at selected schools

The Bank of Namibia has launched a robotic coding project to level Namibia's education system with the ever-advancing developments in the world of technology.

Fueled by Namibia's aspirations to become an industrialised nation, the STEAM project focuses on science, technology, engineering, the arts, and mathematics.

STEAM subjects are listed in all of Namibia's national development frameworks, including the Harambee Prosperity Plan.

QZ Asset Management a Ponzi scheme- BoN

The Bank of Namibia (BoN) has declared the online business QZ Asset Management a Ponzi scheme after an investigation into its business dealings.

QZ Asset Management claims that it matches investments dollar-for-dollar, which doubles the client's profits.

They further claim that the capital is 100% guaranteed in the event of any losses and that they offer a 400% interest rate.

QZ Asset Management does not offer physical products for sale.

BoN increases Repo rate to 7.75%

Namibians will have to tighten their belts even more as the central bank lifts the repo rate by another 50 basis points.

The repo rate now stands at 7.5%, up from 7.25%.

The central bank says that, since the last Monetary Policy Committee (MPC) meeting, inflation has remained elevated but generally moderated, with the exception of the US Federal Reserve, the Bank of England, the European Central Bank, and the South African Reserve Bank.

Recent graduates entering a world of constant change and uncertainty

The Deputy Governor of the Bank of Namibia, Ebson Uanguta says recent graduates are entering a world of constant change and uncertainty, and they need to swiftly succeed in that environment. 

Uanguta was addressing Namibian College of Open Learning graduates in Windhoek. 

It was a jovial affair as parents and loved ones celebrated the academic achievements of 537 graduates at NAMCOL. 

The Deputy Governor of the Central Bank told the graduates they must have a hunger to succeed if they want to make it in the forever-changing world of work.  

BoN and NAMFISA's FSR indicates Namibian financial system remained sound and resilient

The Bank of Namibia (BoN) and Namibia Financial Institutions Supervisory Authority (NAMFISA)'s Financial Stability Report (FSR) for 2023 indicates that the Namibian financial system remained sound and resilient in 2022.

Projected vulnerabilities in the global financial system could, however, potentially impact the domestic financial system.

Domestic economic growth improved from 3.5% in 2021 to 4.6% in 2022.

This is attributed to the primary and secondary industries, which recorded growth rates of 12.9% and 3.3%, respectively.

BoN launches modified N$20 banknote

The Bank of Namibia on Monday launched and activated the modified N$20 banknote at Opuwo.

The modified N$20 note contains the signature of the current central bank governor, Johannes !Gawaxab. The N$20 and N$200 notes were last reprinted in 2018.

!Gawaxab said this at the launch that was held in Opuwo to promote financial inclusion. 

BoN refutes allegations of a fraud case involving N$60 billion

The Bank of Namibia (BoN) has refuted allegations of a fraud case involving N$60 billion that was allegedly stolen from Credit Union Namibia (CUN).

In a statement made available to the media on Thursday, BoN said that according to the information available, at no point was such an amount transferred or deposited by any entity or individuals associated with CUN in the banking system in Namibia.

BoN warns against cryptocurrencies

The Bank of Namibia has reiterated its warning to the public to refrain from investing in cryptocurrencies, saying they remain risky.

The Central Bank's Governor, Johannes !Gawaxab says there are instances where virtual currencies are used to conceal crimes such as fraud, theft, money laundering, and to fund terrorism, although benefits also exist.