Bank of Namibia – Windhoek Observer

17 Aug

Repo rate remains unchanged at 7.75 percent

ObserverMainBank of Namibia, Johannes !Gawaxab, Repo rate remains unchanged at 7.75 percent

Martin Endjala Following a comprehensive review of global, regional and domestic economic developments, the Bank of Namibia Monetary Policy Committee decided to maintain the current repo rate at 7.75 percent for the next two months, while also ensuring that stable platforms are created to grow the economy. During the announcement yesterday in Oshakati, Bank of Namibia Governor, Johannes !Gawaxab, responded to concerns and the impact the repo rate has on the economy and unemployed individuals. He said that the repo rate has a negative and positive impact on people’s lives and the economy, however, he is of the view that…

08 Aug

Zhong Mei fights for N$33m garnished by NamRa

ObserverNational NewsBank of Namibia, NamRA, Standard Bank, Zhong Mei fights for N$33m garnished by NamRa

Staff Reporter Zhong Mei Engineering Group has dragged Namra, Standard Bank, Bank of Namibia, and the finance minister to the High Court over N$33m garnished from its account as unpaid tax for 2013 and 2018. The company says Namra instructed Standard Bank to deduct N$33, 031, 543.04 from its account on 12 July 2023 as unpaid tax. According to Zhong Mei, Namra ordered the garnishing order while negotiations to pay off the debt were going on between the parties. The company offered to pay N$2m once off and settle the rest in instalments. Jiang Chong Yaun, who represented Zhong Mei,…

19 Oct

Geingob admits ‘things are not going well’

ObserverNational News(Harambe Prosperity), Bank of Namibia, Geingob admits ‘things are not going well’, president Hage Geingob

Martin Endjala President Hage Geingob has expressed sympathy with the people who are going through economic hardships, but reminded the nation to stand tall and be united. “Yes, I admit that things are not going well, but we must stay united and pull together,” were his words when he addressed the leadership of the Bank of Namibia, during his visit to acquaint himself with the operations and functions of the central bank today. Geingob said services should be distributed equally to all Namibians and should not only benefit one ethnic group or selected individuals. “Let us stay united, resilient and…

31 Mar

BoN makes money in challenging times

ObserverUncategorisedBank of Namibia, BoN makes money in challenging times, Johannes Gawaxab

Tujoromajo Kasuto The Bank of Namibia has delivered a strong net operating surplus and paid a dividend which is 42 percent higher compared to 2020 amounting to N$413.7 million. Despite the low interest rate environment that persisted in 2021, the Bank recorded a higher surplus in 2021 than in 2020 and declared a record high dividend. The Board of BoN in consultation with the Ministry of Finance has decided to use a part of the dividend as seed capital for the newly created Sovereign Wealth Fund. However, the bank experience a decline in net income mainly due to low interest…

15 Dec

BON anticipates significant economic growth in 2022

ObserverObserver MoneyBank of Namibia, Namibia

Tujoromajo Kasuto NAMIBIA’S economic performance was expected to improve slightly during 2021 and improve further in 2022, supported by better growth for the mining industry and most tertiary industries, Bank of Namibia’s (BON) economic outlook for December 2021 is revealing. The domestic economy is projected to grow by 1.5 percent and by 3.3 percent in 2021 and 2022 respectively, representing an improvement from 8.5 percent contraction in 2020. The latest projection of 1.5 percent growth for 2021 represents a marginal improvement, compared to 1.4 percent published in the August 2021 Economic Outlook. Risks to domestic growth remain dominated by the…

28 Oct

Glimmer of hope for domestic economy in second quarter of 2021

ObserverObserver MoneyBank of Namibia, Covid-19

Tujoromajo Kasuto NEDBANK Namibia’s Executive for Retail and Business Banking, Richard Meeks, says the Bank of Namibia (BON) has recently given a glimmer of hope that during the second quarter of 2021, activities in the domestic economy have improved, driven by better performance in the tertiary industries. He further notes that the performance reflected in retail for clothing, furniture and vehicles sales that declined due to weak demand, given reduced disposable income that was further compounded by covid-19 measure put in place to curb the spread of the virus. However, he says improvements in the tertiary industries where observed in…

01 Apr

BoN declares N$278m dividend

ObserverObserver MoneyBank of Namibia, Covid-19

Kandjemuni Kamuiiri The Bank of Namibia on Wednesday declared a N$278.2 million dividend for the 2020 financial year to the State Revenue Fund, lower than the N$399 million declared prior year. This comes as the apex bank declared a N$532 million surplus for the period under review. “The financial performance of the Bank in 2020 was negatively impacted by low interest rates in the global markets as a result of the COVID-19 pandemic; nonetheless the Bank still recorded a notable surplus albeit lower in comparison with 2019. As a result of the COVID-19 pandemic, the year 2020 was characterised by…

30 Oct

SME bank – yet another money-loss debacle . . .when will we learn?

ObserverNational NewsBank of Namibia, Enoch Kamushinda, SME Bank, Zimbabwe

When will Namibia learn to guard its wallet better? We allow ourselves to be pick-pocketed far too often. This time, the named culprit is Enoch Kamushinda, a director of the now-defunct SME Bank. But, the real culprits are all who ignored a Bank of Namibia (BoN) warning and still allowed a man with shaky business histories in several countries to have the keys to a bank full of Namibian taxpayer dollars. These people must be named, shamed, held accountable. They should be in the dock alongside their criminal buddy. All who took quiet ‘loans’ from Kamushinda or smoothed the way…

15 Oct

In times of trouble, manage your money better

ObserverUncategorisedBank of Namibia, Bank Windhoek, Covid-19, Economic Outlook

Samuel Linyondi The Bank of Namibia's latest Economic Outlook expects the Namibian economy to fall into a deeper contraction during 2020, mainly due to the devastating impact of COVID-19 across all sectors. This means that as we conclude the year, we will be faced with a few challenges. For some, it means having taken a drop in their salary, while for others, a total loss of income. Few are fortunate enough to still have a job and have their income unaffected. What these times of uncertainty have taught us is that having savings for emergency situations is critical. As we…

10 Sep

FIC flags N$17 billion worth suspicious transactions

ObserverObserver MoneyBank of Namibia, Financial Intelligence Centre (FIC), Leonie Dunn

Staff Writer Financial Intelligence Centre (FIC) during its financial year ending year ended 31 March 2020 says it flagged transactions worth N$17 billion which it suspects to be proceeds of crime and are now subject to investigation by law enforcement agents. During the period under review, the centre, according to its annual report contributed to 84 investigations conducted by various law enforcement authorities. “The top five underlying predicate offenses investigated include fraud, corruption, poaching, dealing in drugs, illegal deposit taking/pyramid schemes and money laundering. Furthermore, investigations by these law enforcement agencies with assistance of the Office of the Prosecutor General…