Bank of Namibia (BoN) – Windhoek Observer

26 Aug

Trustco to provide deposit repayment plan on Tuesday

ObserverObserver MoneyBank of Namibia (BoN), Trustco Bank Namibia Limited (TBN)

Martin Endjala Trustco Group Holdings Ltd. (TGH), the parent company of Trustco Bank Namibia Limited (TBN), has until Tuesday to provide the Bank of Namibia (BoN) with a deposit plan. This follows TGH's decision to return TBN’d banking license to the BoN for cancellation with immediate effect. Quinton van Rooyen, Chairman of Trustco Group Holdings' Board Investment Committee, disclosed this information in a statement last week. "In light of recent developments, Trustco has decided to exit from investing in deposit-taking institutions in Namibia. Our focus is now shifting towards non-deposit-taking financial services, where we see tremendous growth potential,” he said.…

17 Apr

BoN cautions against reducing repo rates

ObserverMainBank of Namibia (BoN), Johannes !Gawaxab

Martin Endjala The Governor of the Bank of Namibia (BoN), Johannes !Gawaxab, has cautioned against reducing the repo rate because it will negatively impact the economy of the country He stated that Namibia is still battling to free itself from the economic downturn. “The Inflation rate is decelerating but it is not defeated yet, so the last thing you should do is to make policy errors to just reduce the rates now. If you look at what inflation did in the first three months of last year, you get an average of seven percent. Although it is coming down. What…

21 Aug

Trustco Bank’s license temporarily suspended

ObserverFeatured, National NewsBank of Namibia (BoN), Johannes !Gawaxab

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…

01 Jul

Rising interest rates putting squeeze on economy

ObserverNational NewsBank of Namibia (BoN), Rising interest rates putting squeeze on economy, Simonis Storm economist, Theo Klein

Tujoromajo Kasuto Analysts expect interest rates going up by another 100 basis points or one percent before the end of the year sending home and vehicle repayments through the roof. The Bank of Namibia (BoN) is expected to raise it repo rate that will hike the interest rates from 9.5% and 10.5% to 10.5% and 11.5% respectively by the fourth quarter of 2022. According to Simonis Storm economist, Theo Klein this would place indebted households and corporates in a worse financial position given that mortgages constitute the largest component total household and corporate debt. He added that also corporates battling…

18 Feb

BoN maintains Repo rate unchanged

ObserverObserver MoneyBank of Namibia (BoN), Governor Johannes !Gawaxab

Staff Writer The Monetary Policy Committee (MPC) of the Bank of Namibia (BoN) resolved to keep the repo rate unchanged at 3.75 percent, Governor Johannes !Gawaxab, announced yesterday, on Wednesday. “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. This decision was taken following a review of global, regional and domestic economic and financial developments.” Namibia’s stock of international reserves as on the 31st January, 2021, according to BoN, stood at N$34.4 billion compared…

09 Dec

Bank of Namibia watches our wallets

ObserverNational NewsBank of Namibia (BoN), Mufhiwa Building Projects

The Bank of Namibia (BoN) has come to the rescue. They have classified the activities of Mufhiwa Building Projects as a pyramid scheme. Those involved are conning people out of their hard-earned money and pocketing the proceeds. BoN has cautioned the public to beware and avoid any transactions with Mufhiwa Building Projects or similar entities that may be doing the exact same thing. BoN has ordered promoters of Mufhiwa Building Projects and those who are already caught in its web as ‘members’ to stop doing any kind of business. A nod must be given to BoN for watching our wallets.…

22 Oct

BoN maintains Repo rate unchanged

ObserverObserver MoneyBank of Namibia (BoN), BoN Governor Johannes !Gawaxab, Monetary Policy Committee (MPC), Private Sector Credit Extension (PSCE)

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…

21 Oct

Economy to contract by 7.9 percent …as Gvt offers tax filing incentives

ObserverObserver MoneyBank of Namibia (BoN), Finance minister, Iipumbu Shiimi, Integrated Tax Administrative System (ITAS)

Andrew Kathindi Namibian economic activity is predicted to contract by 7.9 percent, about 0.1 percent more than the 7.8 percent the Bank of Namibia (BoN) had forecasted for 2020, in August this year. Finance Minister, Iipumbu Shiimi in his delivery of the mid-term budget review, said the contraction was, “ a historic high whose contours cut across all economic sectors.” “The pandemic induced deepest historic recession this year exacerbated this situation, with a fallout on businesses, jobs, per capita income and public revenue.” Shiimi further said, “While the worst impact of the pandemic appears to have abated, its impact on…

18 Sep

!Gawaxab commemorates 100 days in office

ObserverUncategorisedBank of Namibia (BoN), BoN Governor, Johannes Gawaxab

Staff Writer Bank of Namibia (BoN) Governor, Johannes !Gawaxab on Thursday commemorated his 100 days in office, while outlining his vision for the apex Bank. !Gawaxab took over the reins at the Bank at a time when the country was grappling with the negative impacts of COVID-19 on the economy. He was appointed as the third BoN Governor by President Hage Geingob in April, 2020. “I experience first-hand the resilience of the Namibian people who must face this situation daily, while the pandemic dominates without a clear ending, and who selflessly strive to save lives and the livelihoods of their…

12 Sep

Shivute lands NamRA top job

ObserverObserver Moneyamibia Revenue Agency (NamRA), Bank of Namibia (BoN), NamRA, president Hage Geingob

Staff Writer Bank of Namibia (BoN) Director of Banking Services, Sam Shivute is set to be appointed the inaugural head of the Namibia Revenue Agency (NamRA) after cabinet chaired by President Hage Geingob approved his appointment. The last hurdle in the unveiling of Shivute now lies with the Public Service Commission, which is widely expected to approve his appointment as Commissioner of NamRA following cabinet’s nod. Shivute will ascend to head the revenue body amid allegations that recruitment procedures were violated to ensure that he emerges as the preferred candidate, with the finance minister Iipumbu Shiimi as the key driver…