insert_link Environment Agriculture Minister supports Bank of Namibia’s drought relief policy The Bank of Namibia has introduced a financial relief policy for farmers affected by ongoing drought, which includes loan restructuring, debt moratoriums, and emergency funding at preferential terms. Agriculture Minister Calle Schlettwein expressed support for the policy in an interview with Future Media, emphasising the need for financial products tailored to the agricultural sector's unique challenges. Minister Schlettwein, discussing Namibia's response to climate change, further highlighted the importance […] today29 October, 2024
insert_link Environment Bank of Namibia Orders Financial Relief for Drought-Stricken Farmers The Bank of Namibia has directed local financial institutions to establish relief measures designed to support farmers and agricultural businesses facing severe financial difficulties caused by the ongoing drought. BoN’s Director of Strategic Communications and International Relations, Kazembire Zemburuka, explained that this move follows a state of emergency declaration in response to what is described as the worst drought Namibia has experienced in a century, according to The Brief. today29 October, 2024
insert_link Environment Bank of Namibia launches drought relief policy The Bank of Namibia has introduced a new policy, effective from 23 October 2024 to October 2026, to address economic and financial challenges from the ongoing drought following the state of emergency declared by President Nangolo Mbumba in May. The central bank’s principal communications team leader, Sandra Garises. today28 October, 2024
insert_link Business / Economics Bank of Namibia Issues Warning on Fraudulent Investment Schemes The Bank of Namibia has raised alarms about an increase in fraudulent investment schemes that falsely promise financial support for the nation’s development initiatives. These scams primarily target high-ranking government officials and traditional leaders, exploiting their reputations to gain credibility. The Bank has also observed that religious and traditional leaders are being approached to promote these deceptive schemes within their communities, further misleading the public. The regulator's Josefina Oskar: today23 October, 2024
insert_link Local BANK OF NAMIBIA WARNS PUBLIC AGAINST FRAUDULENT INVESTMENT SCHEMES The Bank of Namibia has noted with increasing concern the rise of fraudulent investment schemes that falsely promise financial backing for Namibia’s development initiatives. These schemes are particularly aimed at high-ranking government officials, ministries, traditional leaders, and prominent public figures, exploiting their reputations to lend credibility to deceptive offers. Recently, the Bank has observed that prominent religious and traditional leaders, as well as church elders, are also approached […] today23 October, 2024
insert_link Business / Economics Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers The Bank of Namibia has announced a 25 basis point reduction in the repo rate, bringing it down to 7.25 percent. This decision follows an extensive review of domestic, regional, and global economic conditions. Speaking at the monetary policy announcement, BoN Governor Johannes !Gawaxab emphasized the need to moderate monetary restrictions due to slowing economic growth and declining inflation. "Domestic economic activity rose during the first eight months of 2024, […] today16 October, 2024
insert_link Business / Economics 3-10 October 2024 Weekly Economics Wrap: Domestic Activity Declines, South Africa’s LPG Boom, and Global Financial Developments Economic activity in Namibia showed signs of a slowdown in the second quarter of 2024, with business registrations declining by 34% compared to the same period last year. According to the Bank of Namibia, both close corporations and private companies experienced downturns, with close corporations dropping by 37.7% and private companies by 8.4% year-on-year. In the realm of domestic debt, Namibia's total reached N$123.51 billion by the end of September, […] today10 October, 2024
insert_link Business / Economics Access Bank Namibia Limited Receives Provisional License from Bank of Namibia The Bank of Namibia has issued a provisional license to Access Bank Namibia Limited, allowing the bank to start preparations for its banking operations in the country. Kazembire Zemburuka, the BoN Director of Strategic Communications and International Relations, confirmed that this authorization, granted under Section 12(5) of the Banking Institutions Act, 2023, took effect on 4 October 2024 and is valid for six months. During this period, the bank is […] today7 October, 2024
insert_link Business / Economics 7 October 2024 Morning Biz News: Economic Activity Slows in Namibia Amid Currency Adjustments and Global Concerns Business Registrations Decline in Namibia Economic activity in Namibia experienced a slowdown in the second quarter of 2024, with business registrations falling by 34% compared to the same period in 2023, according to data from the Bank of Namibia, as reported by The Brief. This downturn was evident in both close corporations, which saw a significant drop of 37.7%, and private companies, which recorded an 8.4% year-on-year decrease. The decline […] today7 October, 2024
