4 October 2024 Morning Biz News: Cash Still King in Namibia, AgriSA Optimistic, and Oil Prices Surge Amid Tensions

Bank of Namibia: Cash Remains Vital in Financial System
The Bank of Namibia has emphasized the enduring significance of cash in the financial landscape, with over N$5.2 billion in circulation for 2023. Despite the growing prevalence of digital payments, cash continues to play an essential role in everyday transactions such as groceries and transportation.

AgriSA Optimistic Amid Challenges
AgriSA remains hopeful about the agricultural sector’s potential to adapt and drive gross domestic product (GDP) growth, despite facing hurdles. While South Africa’s national GDP grew by 0.4% in the second quarter, the agricultural sector experienced a decline of 2.1%, attributed to dry spells and animal health issues.

Kenya’s Private Sector Faces Slight Downturn
According to a recent report from Stanbic Bank, Kenya’s private sector experienced a slight downturn in September. The Stanbic Bank Kenya Purchasing Managers’ Index fell to 49.7 from 50.6 in August, dipping below the critical 50.0 threshold that indicates a contraction in business conditions, driven by a decrease in output and new orders.

Oil Prices Surge Amid Tensions
Oil prices surged by 5% following comments from US President Joe Biden, who confirmed discussions regarding potential Israeli strikes on Iran’s oil industry. As the seventh-largest oil producer globally, Iran exports around half of its production, primarily to China. The discussions hint at escalating tensions in the region, which could have significant implications for global energy markets.

Latest Financial Indicators

• Currency Exchange Rates:
  • Namibia Dollar (NAD) to USD: 17.50
  • Namibia Dollar (NAD) to Euro: 19.30
  • Namibia Dollar (NAD) to Pound: 22.97
• Commodity Prices:
  • Gold: $2,657.01 per fine ounce
  • Brent Crude Oil: $73.90 per barrel
• Cryptocurrency:
  • Bitcoin: $1,066,880.12

Stay tuned for more updates on economic developments!