Martin Endjala
The Governor of the Bank of Namibia Johannes !Gawaxab says Monetary Policy must continue to contain rising inflation, while targeted support should be provided to cushion citizens from the impact.
The Governor said this last week during an engagement with the Parliamentary Standing Committee on Economics and Public Administration, aimed at addressing domestic and global development.
Discussions covered issues related to COVID-19 economic recovery initiatives, the Bank’s efforts to regulate banking fees and charges, currency arrangement, as well as Namibia’s progress in addressing the findings of the 2022 Mutual Evaluation.
!Gawaxab said containing rising inflation is also matched by taking into account the potential risks of inflation and escalating government debt.
“This effort to boost production, generate growth, and reduce dependency on primary industries should be intensified,” he said.
This includes the recent oil discovery and green hydrogen projects which are welcomed developments that will require proper management as well as the Launched Loan Scheme extended to local businesses to sustain the domestic market in the country.
Meanwhile, in an effort to ensure inflation is curbed amongst others, the Bank of Namibia hosted last week the central bank Governors of the Common Monetary Area (CMA) namely South Africa, Lesotho and Eswatini for the second quarterly CMA Governor’s meeting this year.
The meeting in Swakopmund was aimed at building upon discussions from the previous gathering in Maseru, Lesotho, and set the stage for developing clear action plans to effectively implement the CMA strategy and enhance cross-border payments, exchange controls, and financial stability within member countries.
