Bank of Namibia – Page 3 – Windhoek Observer

10 Sep

FIC flags N$17 billion worth suspicious transactions

ObserverObserver MoneyBank of Namibia, Financial Intelligence Centre (FIC), Leonie Dunn

Staff Writer Financial Intelligence Centre (FIC) during its financial year ending year ended 31 March 2020 says it flagged transactions worth N$17 billion which it suspects to be proceeds of crime and are now subject to investigation by law enforcement agents. During the period under review, the centre, according to its annual report contributed to 84 investigations conducted by various law enforcement authorities. “The top five underlying predicate offenses investigated include fraud, corruption, poaching, dealing in drugs, illegal deposit taking/pyramid schemes and money laundering. Furthermore, investigations by these law enforcement agencies with assistance of the Office of the Prosecutor General…

20 Aug

BoN forecast 7.8% domestic economy contraction

ObserverObserver MoneyBank of Namibia, BoN Governor Johannes !Gawaxab, Covid-19

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…

15 May

Commemorative banknote to start circulating

ObserverUncategorisedBank of Namibia, Independence Day, Kazembire Zemburuka

Staff Writer The N$30 commemorative banknote launched on Independence Day by the Bank of Namibia shall be available to the public as from Friday, 15 May 2020, the apex bank has announced. “ The public is also hereby informed that the N$30 commemorative banknote will only be issued at the tills, inside all commercial bank’s branches and not at the Automatic Teller Machines (ATMs),” BoN Deputy Director: Corporate Communications, Kazembire Zemburuka said. “To obtain the N$30 commemorative banknote from commercial banks, one will have to exchange an equivalent amount of the current family of banknotes or coins, for the banknote.”…

22 Apr

Gawaxab appointed BoN Governor

ObserverObserver MoneyBank of Namibia, Johannes Gawaxab, president Hage Geingob

Staff Writer President Hage Geingob on Tuesday appointed veteran financial guru, Johannes Gawaxab as the new Governor of the Bank of Namibia effective June 1, 2020. “I congratulate you Johannes Gawaxab on your appointment and appreciate your willingness to bring your talents and experience of the financial services sector towards our tireless effort in building a united inclusive and prosperous Namibian house,” the President said. The move by Geingob to appoint Gawaxab to the helm of the apex banks comes after the head of state side-stepped long serving Bank of Namibia Deputy Governor, Ebson Uanguta who has been in his…

30 Mar

Banks dodge loan relief

ObserverNational NewsBAN, Bank of Namibia, Banks, Covid-19, Namibia Chamber of Commerce and Industry, Standard Bank

Staff Writer Namibian banks are reluctant to offer relief packages to their clients in the wake of the coronavirus pandemic as the country battles to contain any possible transmission from the 11 confirmed cases, despite banks in other countries including South Africa having done so. This comes amid calls for banks operating in Namibia, which have been recording multimillion-dollar profits over the many years, to assist their clients during this period. In South Africa, Standard Bank announced that it will offer a three-month payment holiday for students with loans and small businesses with a turnover of less than N$20 million…