Elections

 

M&G Investments, BoN tackle education crisis

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In a collaborative effort to tackle Namibia's education crisis and empower the country's future leaders, M&G Investments and the Bank of Namibia (BoN) hosted an inspiring event featuring Jeff van Rooyen, a renowned financial expert and philanthropist. 

The event aimed to shed light on the challenges within Namibia's education system and propose viable solutions.

!Gawaxab, EOS Capital, NaCC agree on compliance with set regulatory regulations

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Bank of Namibia Governor Johannes !Gawaxab says that EOS Capital, himself, and the Namibia Competitions Commission (NaCC) reached an agreement to ensure compliance with the set regulatory regulations.

However, the Central Bank Governor pointed out that the agreement is not an admission of guilt but a pragmatic solution to avoid prolonged legal proceedings. 

!Gawaxab was responding to a Namibian Competition Commission (NaCC) decision to fine him, together with two other parties, N$1 million for contravening merger regulations.

Bank of Namibia unveils modified N$100 note

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The Bank of Namibia plans to launch an upgraded Namibian currency series in 2025. 

Central Bank Governor, Johannes !Gawaxab unveiled a modified N$100 note in Luderitz, announcing at the same time that the bank will undertake a minor upgrade on the current banknote series and a complete upgrade of the coin series.

The first Namibian banknotes and coin series were issued in 1993 and are now 30 years old. 

In May 2012, the Bank issued the second family of banknotes with state-of-the-art security features, which are currently in circulation. 

Namibia draws lessons from oil producing economies

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Namibia can draw lessons from other oil-producing economies as the country positions itself to ensure a sustainable future.

The country is expected to be among the top 15 oil producers in Africa by 2035, should it stay clear of corrupt practices and mismanagement of natural resources.

Speaking at a public lecture on Preventing the Dutch Disease: How to Position Namibia's Oil and Gas Endowments at Lüderitz organised by the Bank of Namibia, its Governor, Johannes !Gawaxab said new discoveries could potentially double the country's GDP and its output.

BoN scoops transparency award at Central Banking Awards

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The Bank of Namibia has won the award for transparency at the annual Central Banking Awards for its enhanced transparency in monetary policy communication. 

Organised by Central Banking Publications, the annual awards celebrate outstanding performance in the central banking community.

As the overall winner in the Transparency Category, the Bank of Namibia was recognised for its efforts in broadening the reach and depth of its monetary policy communications and enhancing transparency in the execution of its price stability mandate.

Keetmanshoop AME church launches NGO to assist under-privileged individual

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In a bid to empower underprivileged residents of Keetmanshoop to become self-reliant, the local ZTT AME Church congregation formed an initiative dubbed the EMEME Partnership.

The initiative, registered as a non-profit organisation, was officially launched during a fundraising gala dinner at Keetmanshoop.

Reverend Leslie Leukes, spiritual leader of ZTT AME Church Congregation, says the name EMEME is based on the pillars of education, mission, evangelism, management, and economic empowerment.

BoN and NamRA launch Trade Verification System

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The Bank of Namibia, in partnership with the Namibia Revenue Agency, has embarked on a journey to digitalise Namibia's trading system while protecting revenue flow in the country.

Namibia's launch of the Trade Verification System (TVS) demonstrates the country's commitment to strengthening its financial systems and ensuring a transparent and legitimate trade environment.

The system is designed to streamline international trade procedures and combat illicit financial flows.

BoN maintains repo rate at 7.75%

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The Bank of Namibia has announced the maintenance of the repo rate at 7.75 percent, a decision coming on the heels of the recent drop in local fuel prices.

This move is expected to bring a sigh of relief across the nation amid economic challenges.

Central bank Governor Johannes !Gawaxab, at the year's sixth Monetary Policy announcement, explained the decision as based on supporting the domestic economy and safeguarding the one-on-one peg between the Namibian dollar and the South African Rand.

BoN amends regulations on loan-to-value ratios

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The Bank of Namibia (BoN) has released amended regulations on loan-to-value ratios to stimulate property investment and support economic recovery.

Under the new regulations, the loan-to-value (LTV) ratios for additional property purchases have been further relaxed.

Borrowers seeking a mortgage loan for a second residential property will no longer need to provide a deposit.

For third and subsequent residential properties, a 10% deposit is now required.

NASRIA signs to empower SME's

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NASRIA has embarked on a new venture that expands its Credit Guarantee Scheme, an innovative insurance product that aims to empower SMEs.

The government, through a smart partnership with the Bank of Namibia, the Development Bank of Namibia, the Namibia Special Risks Insurance Association, and participating financial institutions, has structured a Credit Guarantee Scheme facility that will provide 60% collateral cover for a viable SME business loan.

The credit guarantee scheme is an innovative insurance product aimed at capacitating both existing and new SMEs.