Johannes !Gawaxab

Trustco Bank’s license temporarily suspended

Trustco Bank’s license temporarily suspended

Martin Endjala The Bank of Namibia (BoN) has temporarily suspended Trustco Bank Namibia’s license for a period of six months to rectify certain stipulated and communicated instances of non-compliance. This comes after BoN issued a statement last week Friday stating that the suspension is in accordance with Section 15(5) of the banking institutions Act no 13 of 2023, and it was done after consultations with the Ministry of Finance and Public Enterprise, which resolved to halt the authorisation of the Trustco Bank Namibia to operate as a banking institution with immediate effect. According to Johannes !Gawaxab, the BoN’s Governor, the…
Read More
Repo rate remains unchanged at 7.75 percent

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…
Read More
BoN pays N$413.7m dividends to the government

BoN pays N$413.7m dividends to the government

Martin Endjala The Bank of Namibia yesterday announced its dividends to the government amounts N$413.7 million after its operating profit increased by 11.5 percent from N$584.2 million in 2021 to N$651.2 million in 2022. Dividends paid to the government were made possible after the central banks’ reserves increased from N$672 million in 2021 to N$772 million in 2022, the central bank’s Governor Johannes !Gawaxab announced during the annual report launch for 2022 under the theme of global economic shocks, rewiring Namibia to bolster resilience. The Governor also indicated that the domestic economy has shown a slight growth of 4.6 percent…
Read More
BoN strengthens African ties

BoN strengthens African ties

Tujoromajo Kasuto Last week, Bank of Namibia Governor Johannes !Gawaxab met with his counterparts on the continent as part of his efforts to strengthen collaboration and seek mutually beneficial relationships among African central banks. According to the Central Bank’s Director of Strategic Communications and International Relations, Kazembire Zemburuka, separate meetings were held to strengthen ties between the Governors of the Bank of Ghana, Ernest Addison, and the Bank of Botswana, Moses Dinekere Pelaelo. He says that the Bank also intends to call on the Central Bank of Kenya, given the advances made in the fintech space. Zemburuka noted that the…
Read More