Customer Foreign Currency (CFC)

03 Oct

Reserves drop to N$59.3 billion

ObserverObserver MoneyCustomer Foreign Currency (CFC)

CHAMWE KAIRA The Bank of Namibia’s stock of international reserves decreased at the end of August by 2.5% to N$59.3 billion, the central bank announced. The decrease in international reserves was primarily caused by customer foreign currency (CFC) withdrawals. This level of foreign reserves translated into four months of import coverage, exceeding the international benchmark of three months. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.8 months at the end of August relative to 4.9 months recorded at the end of July. At the end of August, the annual growth in private sector…

International reserves rise to N$60.8 billion

ObserverObserver MoneyBank of Namibia, Customer Foreign Currency (CFC), Net Foreign Assets

CHAMWE KAIRA The stock of international reserves rose by 5.5% to N$60.8 billion at the end of July, the Bank of Namibia announced. The increase in international reserves was on the back of higher SACU receipts, as well as Customer Foreign Currency (CFC) placements. This level of foreign reserves translated into 4.1 months of import cover, exceeding the international benchmark of 3 months. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.9 months at the end of July, relative to 4.6 months recorded at the end of June. Furthermore, the banking industry liquidity position…