Khomas region sees highest inflation at 4.2%

Khomas region sees highest inflation at 4.2%

The Namibia Statistics Agency has reported that the headline inflation for October was 3%. Among the zonal inflation rates, Zone 2 (Khomas region) recorded the highest at 4.2%. Spokesperson Mirjam Shihepo has more.

November 7, 2024 18

Africa

Zimbabwe adopts ZiG currency as sole legal tender

Zimbabwe’s ruling party has passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. Bloomberg reports that under the country’s current laws, the US currency will remain legal tender until 2030. President Emmerson Mnangagwa has previously suggested this timeline may be brought forward.

October 29, 2024 12

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Business / Economics

Financial Intelligence Center updates progress to avoid greylisting

Namibia has partially addressed nine of the thirteen recommended actions to avoid greylisting, as the Financial Intelligence Center reported during a recent plenary meeting. The country will enter a compulsory reporting phase from November 2024 to May 2026. Financial Intelligence Centre director, Bryan Eiseb.

October 29, 2024 29 2

Business / Economics

SA’s inflation drops to 3.8-percent

South Africa's inflation rate fell to 3.8 percent last month, down from 4.4 percent in August, marking the lowest rate since early 2021 mainly due to lower transport costs as fuel prices dropped by nine percent from last year. Statistics South Africa’s Patrick Kelly.

October 23, 2024 21

Business / Economics

FlySafair launches first regional route between Cape Town and Windhoek

FlySafair has officially launched its first regional route, connecting Cape Town, South Africa, to Windhoek. The new flights will operate twice a week, on Tuesdays and Saturdays, addressing growing demand on the route, which has yet to recover fully to its pre-COVID-19 passenger volumes which currently stand at 83%. The new route is expected to boost tourism and improve travel links between Namibia and South Africa. Namibia Airports Company Chairperson, […]

October 23, 2024 21

Namibia

Swapo promises 250,000 jobs for youth

With Namibia facing high unemployment levels and political parties ramping up their campaign efforts to sway voters, the Swapo Party’s presidential candidate, Netumbo Nandi-Ndaitwah, has announced that the party has allocated over N$80 billion to create more than 250,000 jobs for unemployed youth in the country over the next five years.

October 22, 2024 44

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, […]

October 16, 2024 13

Business / Economics

Bank of Namibia symposium highlights agriculture’s growth potential

The Bank of Namibia concluded its 25th Annual Symposium in Windhoek today, focusing on the theme, "Global Value Chains for Inclusive Development: How Can Namibia Position Its Agriculture Sector?" The event brought together experts and stakeholders to discuss strategies for strengthening Namibia's agricultural sector to drive inclusive growth. BoN Governor Johannes !Gawaxab, in his address, highlighted the critical role of agriculture in Namibia's economic development. He referenced a recent World […]

September 19, 2024 46

Business / Economics

New Bank of Namibia bonds expected to improve financial access

The Bank of Namibia is preparing to introduce the country’s first retail bonds, allowing low to medium-income earners to invest in government debt. According to Max Rix, Head of Investments at Simonis Storm Securities, this initiative could broaden financial inclusion and promote financial literacy among Namibians.

August 29, 2024 98