Statistics contained in the Bank of Namibia’s annual report for the financial year ended 31 December 2016, show a steep decline in the value and volumes of cheques issued during last year. A total of 1,1 million cheques were processed during 2016, with a combined total value of N$10 billion, which represents a 60 percent decline in value from the N$27 billion recorded in prior year.
The Bank of Namibia (BoN) says it expects the Angolan central bank to pay back in excess of N$2 billion by the end of 2017, following the cancellation of a currency conversion agreement between the neighbouring countries at the end of 2015. BoN Governor Iipumbu Shiimi said on Wednesday that almost US$300 million was still owed by the Angolan apex bank after last week’s payment of at least US$55 million.
In an interesting twist to the ongoing fight over the control of SME Bank, the Bank of Namibia (BoN) seems to have made a major climb down from its earlier decision to unilaterally fire the lender’s board of directors, after it announced this week that the board had not been fired, but “disempowered”.