Allexer Namundjembo
The commemorative note being issued to honour the late President Hage Geingob will neither be the first nor the last of its kind.
This was said by the Bank of Namibia’s (BoN) governor, Johannes !Gawaxab on Wednesday during the monetary policy announcement.
!Gawaxab reflected on past commemorative efforts, noting that for the bank’s 20th anniversary, a commemorative coin featuring the founding president, Sam Nujoma, was issued.
“Over a 30-year period, we’ve only issued one coin and one banknote. The N$30 note was the second one. This isn’t something we do lightly. It is solely commemorative and will circulate, but we will not do this just for the sake of doing it,” !Gawaxab said.
Plans to issue a commemorative note in honour of the late President Geingob were announced recently.
The release was originally scheduled for February 10 but was postponed following the passing of Dr Sam Nujoma, the founding president.
The founding president is featured on the N$10 and N$20 banknotes.
This decision was taken in 2011.
“The decision was made by the Cabinet to recognise the founding president’s significant contribution to the struggle for national independence. He also played a crucial role in the establishment of the Bank of Namibia (BoN) before independence,” the BoN stated.
The image of Kaptein Hendrik Witbooi remained on the N$50, N$100, and N$200 notes.
!Gawaxab also disclosed the reduction of the repo rate by 25 basis points to 6.75%.
He explained that the decision followed the first bi-monthly meeting of the Monetary Policy Committee (MPC) for 2025, held on 10 to 11 February.
“To continue supporting the domestic economy while safeguarding the peg between the Namibian Dollar and the South African Rand, the MPC decided to reduce the repo rate by 25 basis points to 6.75%. This decision was made after a thorough review of domestic, regional, and global economic developments,” !Gawaxab explained.
He also shared updates on the domestic economy, noting that economic activity expanded further in 2024, although at a slower pace than in 2023.
“Inflation remained well-contained since the previous MPC meeting. Growth in Private Sector Credit Extension (PSCE) modestly improved, though it remains subdued. The merchandise trade deficit continued to widen, and the stock of international reserves remains adequate to maintain the currency peg and meet the country’s international financial obligations,” he added.
According to !Gawaxab, domestic inflation decelerated in 2024 compared to 2023 but had slightly ticked up since the last MPC meeting. Inflation averaged 4.2% in 2024, down from 5.9% in 2023.
