Observer Money

The Bank of Namibia’s stock of international reserves increased in June to N$52.9 billion in June relative to the N$49.6 billion at the end of May 2023. The central bank said the rise was on account of diamond sales proceeds, Customer Foreign Currency (CFC) placements as well as net commercial bank inflows as a result of portfolio investment inflows. “The foreign reserves translated into 5.5 months of import cover at this level remaining above the international benchmark adequate to support the currency peg between the Namibia Dollar and the South African Rand,” the central bank said. Namibia’s growth performance is…

CHAMWE KAIRA Swakop Uranium has year to date spent over N$4.4 billion on the procurement of consumables and services directly from the Namibian market. Year to Date refers to the period from the beginning of the current year to a specified date before the year’s end. The company said it has been proactively developing the SME sector in the Erongo region. “It currently serves as the single most important partner to old and emerging SMEs in the region,” the company said. In 2022, the company injected over N$3.2 billion dollars into the local economy through local procurement, tax and royalties,…

CHAMWE KAIRA The construction of new nuclear reactors across the world spells good news for the Namibian nuclear industry. In 2022 Kazakhstan produced the largest share of uranium from mines (43 percent of world supply), followed by Canada (15 percent) and Namibia (11 percent). “Construction is underway on a total of 59 reactors worldwide. In Indonesia, Norway, the Philippines, and Sri Lanka, plans are currently being considered to introduce nuclear power plants, including both conventional and Small modular reactors (SMRs) into their national energy mixes,” said Brandon Munro, Chief Executive Officer of Bannerman Energy. The Australian listed uranium development company,…

Namibia exported goods worth N$4.9 billion to African markets in June. At the same time, the country sourced goods from the rest of Africa worth N$4.9 billion, the Namibia Statistic Agency said. In terms of regional composition, the Southern African Customs Union (SACU) emerged as the largest export market during the month of June, contributing 38.8 percent to total exports. The Organisation for Economic Co-operation and Development (OECD) ranked second with a market share of 23.7 percent while the European Union and the South African Development Community excluding SACU accounted for 20.7 percent and 17 percent, respectively. Common Market for…

CHAMWE KAIRA Lab diamonds are the biggest threat facing the Namibian diamond industry, Namib Desert Diamonds (Namdia)’s Lelly Usiku, Executive: Market Development, Sales and Brand has disclosed. Usiku said lab diamonds or synthetic diamonds cost about 60 to 80 less than natural diamonds like the ones produced by Namibia. She noted that synthetic diamonds are growing in popularity in China, which is the biggest retail market in the world after the United States. The other factors threatening the industry are the Russia-Ukraine Crisis, which is affecting the production at Russian producer, Alrosa. The other factors threatening the stability of the…

Staff Writer The Communications Regulatory Authority of Namibia (Cran) recorded a total revenue of N$36.3 million which was N$38.7 million (51.6 percent) shy of the N$ 75 million target. According to Cran’s 2022 annual report, this variance is a result of the timing delays associated with the date when the revised regulatory levy regulations came into effect and the additional amount of time, after the licensee’s financial year end date, that Licensees are allowed to file their audited financial statements with the Authority. Cran used audited financial statements of licensees to determine the revenue base on which to calculate regulatory…