Bank of Namibia

10 January 2025 Morning Biz News Update: Growth in Milk Production, Trade Relations, and Economic Challenges

Milk Production Surges Namibia’s milk production saw a notable increase in the third quarter, reaching 4.2 million litres, which marks a 7.5% year-on-year growth and an 11% rise compared to the previous quarter. According to the Bank of Namibia, the growth is attributed to the rise in the number of milk-producing cows and technological advancements that have improved production efficiency, reinforcing the positive outlook for the local dairy industry. […]

10 January, 2025 13

Business / Economics

Namibians Spend N$151 Million on Streaming Services, Netflix Leads

Namibians have spent a total of N$151 million on video downloads and streaming services, with Netflix emerging as the most popular platform, followed by Apple TV and Amazon Prime Video. The growth in streaming service usage is attributed to the convenience, flexibility, and ad-free content these platforms offer. According to the Bank of Namibia's recent discussion note, the value of video downloads and streaming has surged from N$62 million in […]

7 January, 2025 51

Business / Economics

Economic Growth Slows As Inflation Declines According To BoN

Josefina Oskar from the Bank of Namibia reported that the economy grew by 2.8% in Q3 of this year, slower than the 3.1% in the same period last year. The decline was mainly due to weaker agriculture and mining sectors, while manufacturing and construction saw growth. Inflation eased to 4.1%, with the headline rate dropping to 3.0% in October and November.

18 December, 2024 36

Business / Economics

Bank of Namibia Affirms Financial Stability Following Recent Review

Naufiku Hamunime, the Acting Director of Strategic Communications and International Relations, shared updates from the Bank of Namibia’s Macro Prudential Oversight Committee. After their December 5th meeting, she confirmed that the financial system remains stable, with both banking and non-banking sectors maintaining sufficient capital and liquidity to handle potential losses.

13 December, 2024 41

Business / Economics

FNB Namibia Offers Drought Relief Loans to Farmers

FNB Namibia is stepping up to assist farmers affected by the ongoing drought in the country. In line with the Bank of Namibia’s recent policy changes, FNB is offering loan moratoriums, restructuring, and emergency funding under preferential terms to qualifying agricultural clients. These measures aim to provide financial relief to farmers until October 2026. CEO Sepo Haihambo emphasized that the bank is committed to supporting Namibia's agricultural sector, which is […]

5 December, 2024 24

Business / Economics

The Bank of Namibia reduces the repo rate

Consumers can expect some relief as the Bank of Namibia has lowered the repo rate by 25 basis points, bringing it down to 7%. This marks the central bank’s final rate decision for the year. Here is BoN Governor Johannes !Gawaxab speaking at today’s monetary policy announcement. Cirrus Capital economist, Robert McGregor reacts to the development.

4 December, 2024 37

Oshiwambo

Ondjele yoku hehelitha ya shunithwa pevi

O Bank of Namibia oya tokola oku shunithapevi o repo rate niitsa 25 okuya poo % 7 okuza poo % 7.25. Etokolo olya kuthwa ko Monetary Policy Committee pethimbo lyoshigongi shayo oshiti 6th nosha hugunina shokomumvo. Shika osha ningwa nelalakano okuyambidhidha eliko lyomoshilongo,noku gamenenapo wo ekwatathano pokati ko rand ya South Africa nodola ya Namibia.

4 December, 2024 15

Business / Economics

Cirrus Capital’s Groenewald Offers Insight on Central Bank’s Interest Rate Decision

The Bank of Namibia In October lowered its main interest rate, citing a faster-than-anticipated decline in inflation and the need for economic support. At that point in time, the Monetary Policy Committee unanimously agreed to reduce the repo rate by 25 basis points, bringing it to 7.25%. Cirrus Capital economist Tannan Groenewald shares his outlook on what the Bank might do next. ENG Tannan Groenewald repo

4 December, 2024 30

Business / Economics

Bank of Namibia Set to Announce New Repo Rate

With the Bank of Namibia’s repo rate decision set for later today, consumers are preparing for potential changes to borrowing costs and savings. The central bank maintained the repo rate at 7.25% during its last monetary policy update. Cirrus Capital economist Robert McGregor noted that while GDP growth is positive, private sector credit extension continues to lag.

4 December, 2024 31