18 October 2024 Morning Biz News: BoN to Launch Sustainability Forum, South Africa Eyes Lower Inflation, Nigeria Reaps Reform Benefits, UK Eases Fiscal Limits

The Bank of Namibia , in partnership with the Ministry of Finance, NAMFISA, and various financial institutions, is preparing to introduce a coordinated forum to promote sustainability in the financial sector, according to The Brief. BoN Governor Johannes !Gawaxab announced that the platform, slated for launch in the coming weeks, will enhance coordination and collaboration on sustainability initiatives.

In other financial news, South Africa’s central bank governor, Lesetja Kganyago, reaffirmed his backing for a lower inflation target. Kganyago, a strong advocate for reducing the country’s current inflation range of 3% to 6%, believes this could be done with minimal cost. Bloomberg reports that discussions between the central bank and National Treasury are ongoing, paving the way for significant monetary policy shifts.

Nigeria is also seeing the benefits of vital economic reforms implemented after a near fiscal crisis in 2020. The World Bank credits President Bola Tinubu’s efforts, which include ending a long-standing petrol subsidy and devaluing the currency, as major steps towards reviving the country’s sluggish output, as reported by US Money Market.

In the UK, the government is expected to ease self-imposed fiscal limits on public spending. As highlighted by BBC, Treasury Chief Secretary Darren Jones revealed that billions could be borrowed for new infrastructure projects, made possible by new Treasury rules designed to facilitate more efficient investment borrowing ahead of the upcoming Budget.

Financial Indicators

• Namibia dollar trades at 17.67 to the US$, 19.14 to the Euro, and 23.00 to the Pound.
• Gold is valued at 2,691 dollars 64 cents per fine ounce.
• Brent crude is priced at 74.22 per barrel.
• 1 Bitcoin costs 1,192,619 dollars 19 cents.