Observer Money – Page 150 – Windhoek Observer

03 Nov

International reserves drop to N$53.8b

Observer Money

Chamwe Kaira The Bank of Namibia’s stock of international reserves declined in September by 3.4 percent month on month to N$53.8 billion compared to N$55.6 billion at the end of August. “The decline is attributable to commercial bank outflows, as well as government payments. The foreign reserves translated into 5.6 months of import cover, remaining above the international benchmark and adequate to support the currency peg between the Namibia Dollar and the South African Rand,” the central bank said. The annual growth in M2 declined to 7.9 percent at the end of September relative to a growth of 9.6 percent…

03 Nov

Namibia’s maturing bonds stand at N$34.5 billion

Observer Money

Chamwe Kaira The Government has successfully redeemed the JSE-listed Nam03 bond, which matured on the 1st of August with an outstanding balance of N$157 million. This is contained in the Fiscal Policy Statement for the Financial Year 2024/2025 to 2026/2027 released by the Ministry of Finance and Public Enterprises this week. The Government further rolled over the GC23 bond on the 15th of October. To this effect, an outstanding balance of N$2.1 billion at redemption was successfully rolled into other medium to long term bonds along the yield curve. Further, maturing bonds over the Medium Term Expenditure Framework (MTEF) amounts…

03 Nov

Public Enterprises employ 25 000 people

Observer Money

Chamwe Kaira Public Enterprises employ 25 000 people, according to statistics released by the Minister of Finance and Public Enterprises, Ipumpu Shiimi this week. The government is in the process of reforming public enterprises to improve their operations. Namibia currently owns 81 Public Enterprises (PEs) consisting of commercial, non-commercial and extra budgetary funds. The Total Asset Value of the all Public enterprises stands at N$119 billion and liabilities at N$60 billion, giving a portfolio Net Asset Value of N$50 billion. Shiimi said it is known the performance of a number of our public enterprises is mediocre; service delivery is ineffective…

03 Nov

Apex Group to launch in Namibia

Observer Money

Apex Group Ltd, a global financial services provider, has announced its expansion into the Namibian market with the appointment of Sybil Somaes as Country Head – Namibia, responsible for overseeing the delivery of Apex Group’s single-source solution to global clients. Apex Group’s Namibia business supplements the group’s existing presence in South Africa where it currently employs over 1200 people across offices in Cape Town and Johannesburg, servicing 140 clients with assets of USD$130 billion. Apex Group in Namibia will be led by newly appointed Sybil Somaes, with plans to grow client service and delivery teams in this location through the…

01 Nov

Namfisa gears up to tackle consumer credit loopholes

Observer MoneyNamfisa gears up to tackle consumer credit loopholes

Martin Endjala The Namibia Financial Institutions Supervisory Authority (Namfisa), has embarked on a public consultation across all regions to engage various stakeholders to get inputs on the Consumer Credit Bill to help ensure that the bill speaks to the needs of the people. During a recent media engagement in Windhoek, Namfisa Deputy Chief Executive Officer Market Conduct and Operations, Johannes Smit said consumer protection is paramount in deliberations and it underpins the very essence of the Consumer Credit Bill. “We must remember that this bill when enacted, will be a powerful tool that can either help individuals realise their dreams…

01 Nov

Walvis Bay Harbour set to benefit significantly from new EU deal

Observer MoneyWalvis Bay Harbour set to benefit significantly from new EU deal

Niël Terblanché The European Union (EU) has pledged about N$20 billion Euros in support of an ambitious initiative to enhance the development of Namibia’s main port in Walvis Bay. Namibia’s main harbour is, amongst others, viewed as a crucial gateway to the Walvis Bay – Maputo Corridor. This initiative is part of the EU-Africa Global Gateway Investment Package, which seeks to bolster eleven strategic corridors, including this vital transport link. The momentous partnership was unveiled by the President of Namibia, Hage Geingob, and the President of the European Commission, Ursula von der Leyen, on the eve of the Global Gateway…

31 Oct

Trade verification system to combat illicit activities

Observer MoneyTrade verification system to combat illicit activities

Hertta-Maria Amutenja The Bank of Namibia (BoN) and Namibia Revenue Agency (NamRA), have unveiled the Trade Verification System (TVS) to enhance trade efficiency and combat illicit activities. The central bank and the agency said the digital initiative promises to revolutionise the country's trade processes, offering improvements in efficiency, transparency, and security in trade operations. The system will come into effect next month. BoN Director of Strategic Communications and International Relations Kazembire Zemburuka and Chief NamRa Strategic Communications and Support Engagements Yarukeekuro Ndorokaze, in a joint media statement, explained that the international trade system, in particular, has been exploited by various…

31 Oct

Consumers get temporary relief as fuel prices remain unchanged

Energy, Observer MoneyConsumers get temporary relief as fuel prices remain unchanged

Niël Terblanché In a welcome respite for consumers, fuel prices in Namibia will remain unchanged in November. The Ministry of Mines and Energy made the announcement on Friday. The decision comes after a period of steep increases in the prices of consumer goods in the country. The Ministry of Mines and Energy explained the reasons behind this decision, citing significant declines in global oil prices during October. The decline was attributed to a reduction in fuel demand, which outweighed the OPEC+ decision to maintain a reduction in oil production, thus keeping the supply constrained. Diesel, which serves as an indicator…

30 Oct

Uranium One Group gets an environmental clearance certificate

Energy, Observer Money

Martin Endjala The Ministry of Environment Forestry and Tourism has issued an Environmental Clearance Certificate (ECC) to Uranium One Group a subsidiary of Rosatom to construct a field laboratory on farm Tripoli where its main field operations are for its headspring iunvestment in Namibia. The company Mining Projects and Executive Director Kirill Egorov-Kirillov, made this announcement last week in Windhoek while providing an update on the mining company’s latest activities. He confirmed that all due processes regarding the Environmental Impact Assessments were followed and that the company has once again illustrated that it is following all of Namibia’s laws, rules…

27 Oct

Diamond production at 1.7m carats

Observer MoneyDiamond production at 1.7m carats

Chamwe Kaira Namibia has so far this year produced 1.7 million carats of rough diamonds compared to 1.5 million carats during the same period last year. The De Beers Group production report for the third Quarter of 2023 showed that the country showed production year to date at 1,761 000 compared to 1,547 000 during the same period last year, an increase of 14 percent. Debmarine Namibia has produced 1,424 000 carats compared to 1,286 000 carats during the same period last year, an increase of 11 percent. On the other hand, Namdeb (land operations) has produced 337 000 carats…