Bank of Namibia (BoN) – Page 2

17 Jul

BoN calls for structural interventions

ObserverUncategorisedBank of Namibia (BoN), Governor of the Bank of Namibia (BoN), Johannes Gawaxab

Staff Writer The Governor of the Bank of Namibia (BoN), Johannes !Gawaxab says although the central bank has continuously ensured a favorable macroeconomic environment for the country’s economic growth over the past 30 years, structural interventions are required to increase Namibia’s growth potential. “This Bank is ready to work with the Government, not in a subservient role, but rather in a complementary fashion to set the framework for accelerated economic development. The Namibian economy needs structural interventions to achieve a sustained increase in our growth potential,”! Gawaxab said during commemorations of BoN’s 30th anniversary. “We need to dedicate our time…

19 Jun

Bank Windhoek cuts interest rates

ObserverUncategorisedBank of Namibia (BoN), Bank Windhoek, Monetary Policy Committee

Staff Writer In response to the announcement by the Monetary Policy Committee of the Bank of Namibia (BoN) to cut the Repo rate from 4.25 percent to 4 percent as announced on 17 June 2020, Bank Windhoek has announced a reduction of its Prime Lending Rate by 0.25 percent from 8 percent to 7.75 percent. The bank’s Mortgage Lending Rate will decrease from 9 percent to 8.75 percent, effective from Tuesday, 23 June 2020. “While the possibility of more cuts cannot be ruled out at this point, we expect that the benefit from the sharp cuts will gradually alleviate the…

21 May

BoN declares WhatsApp Stokvel illegal

ObserverObserver MoneyBank of Namibia (BoN), WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) has finally declared WhatsApp Stokvel illegal following an investigation into their operations. The announcement by the central bank comes amid growing popularity of WhatsApp Stokvel as a means of making additional income. According to the central bank, the operations of the WhatsApp Stokvel are similar to that of a pyramid scheme and thus violating the country’s banking laws. “The outcome of the investigation carried out has revealed that the business activities of the N$200 WhatsApp Stokvel constitute a pyramid scheme, and therefore, N$200 WhatsApp Stokvel is in contravention of section 55 (A) of…

12 May

BoN investigating WhatsApp Stokvel

ObserverObserver MoneyBank of Namibia (BoN), WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) says it is still investigating whether the trending WhatsApp Stokvel are legal under the existing country’s banking laws. This comes as Namibians have been joining the stokvels as a means of making additional income under the harsh economic conditions persisting in the country. “Recently, the Bank has picked up a trending WhatsApp Stokvel, which it is assessing to determine whether it is permissible under the relevant provisions of the Banking Institutions Act of 1998, as amended,” BoN’s Deputy Director: Corporate Communications, Kazembire Zemburuka told the Windhoek Observer. He said the current laws does…