Financial System Stability Committee

Matin Endjala Namibia’s financial system remains stable and resilient despite slowing economic growth and global challenges, according to the Financial System Stability Committee (FSSC) report released on Tuesday. According to the report, factors like drought, low diamond prices, and weak global demand will cause Namibia's Gross Domestic Product (GDP) growth to slow to 3.1% in 2024. Global factors continue to primarily influence risks to the domestic economy. The FSSC, which includes the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority, met on 3 October to assess the financial system’s resilience. Bank of Namibia Governor Johannes !Gawaxab said: “The…