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    Omanyano ovanhu koikundaneki yomalungula kashili paveta, Commisiner Sakaria takunghilile Veronika Haulenga

Business / Economics

5 November 2024 Morning Biz News Update: Key Financial Developments

todayNovember 5, 2024 7

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In the past year, Namibia has witnessed a significant increase in credit extension, with a total of N$3.37 billion issued—almost double the amount from the previous year. According to The Brief, individuals accounted for N$1.90 billion of this credit, while corporations took up N$1.47 billion. Private sector credit has shown positive growth, rising by 0.6% month-over-month and reaching an annual growth rate of 3.0% by September 2024.

Meanwhile, the South African rand has strengthened against a weaker US dollar, trading at 17.50. This rise comes as US Treasury yields fell, prompting investors to keep a close watch on the ongoing US election and the potential Federal Reserve rate cut, both of which are expected to have significant impacts on global markets.

In Botswana, newly elected President Duma Boko has expressed his commitment to swiftly finalize negotiations on a new diamond sales agreement with De Beers. As reported by CNBCAfrica, this new pact will see Botswana’s share of diamonds from the joint Debswana venture gradually increase to 50% over the next decade, reinforcing the country’s position in the diamond market.

On the US stock front, markets dipped on Monday as traders reacted to heightened tension ahead of crucial events this week, including the presidential election and the Federal Reserve’s policy decision. According to Yahoo Finance, both the S&P 500 and Nasdaq Composite fell by 0.3%, while the Dow Jones dropped 250 points, or 0.6%.

Latest Financial Indicators

  • Namibia Dollar: 17.51 to the US$, 19.04 to the Euro, 22.68 to the Pound
  • Gold: $2,737.54 per fine ounce
  • Brent Crude: $73.10 per barrel
  • Bitcoin: $1,201,647

Stay tuned for more updates as we continue to track these developments in the financial landscape.

Written by: Leonard Witbeen

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