BoN Governor Johannes !Gawaxab

Wealth fund to strengthen Namibia’s fiscal stability

Wealth fund to strengthen Namibia’s fiscal stability

Tujoromajo Kasuto President Hage Geingob has launched the Welwitschia Fund, Namibia’s own Sovereign Wealth Fund today. The fund will be administered by the Bank of Namibia under the Jurisdiction of the Ministry of Finance. The president immortalised his vision for shared prosperity through the historic launch of Sovereign Wealth Fund, as it will secure generational wealth for posterity. “I hope today is a day our children will remember with gratitude & national pride b/c we have taken concrete steps to provide a better future for them. A day when we, as a founding generation, leave them a legacy that they…
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BoN maintains Repo rate unchanged

BoN maintains Repo rate unchanged

Staff Writer The Bank of Namibia (BoN) on Wednesday announced that its Monetary Policy Committee (MPC) had resolved to keep the Repo rate unchanged at 3.75 percent. “The MPC is of the view that the rate remains appropriate to continue supporting domestic economic activity, while at the same time safeguarding the one-to-one link between the Namibia Dollar and the South African Rand,” BoN Governor Johannes !Gawaxab said. He said domestic economic activity had slowed during the first eight months of 2020, compared to the same period of 2019. The bank forecasts the domestic economy to contract by 7.8 percent in…
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BoN forecast 7.8% domestic economy contraction

BoN forecast 7.8% domestic economy contraction

Staff Writer Bank of Namibia (BoN) has forecasted the domestic economy to contract by 7.8 percent in 2020 before a moderate recovery of 2.1 percent in 2021. “The COVID-19 pandemic has caused domestic economic activity to contract severely during the first six months of 2020. The slump was reflected in sectors such as mining, agriculture, manufacturing, construction, tourism, wholesale and retail trade as well as transport and storage. Activity in the telecommunication and local electricity generation subsectors, however, showed some improvements in the first half of 2020 compared to the same period in 2019,” BoN Governor Johannes !Gawaxab announced on…
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