The Bank of Namibia left its benchmark lending rate unchanged at 6.75 percent on Wednesday for a fourth meeting in a row, saying the current level was appropriate to support economic growth.

BoN bets on Yuan to boost reserves

The inclusion of the Chinese currency, Yuan, to the Bank of Namibia’s (BoN) mix of international reserves is offering the bank a competitive risk-adjusted return linked to the currency’s higher yields and low correlation to other currencies,
The Bank of Namibia has made significant progress towards the implementation of Basel III Capital Adequacy Standards in Namibia.

The Bank of Namibia on Wednesday cut the repo rate by 25 basis points to 6.75 percent, citing the need to support economic growth and maintaining the one-to-one link between the Namibian dollar and the South Africa rand.

Foreign reserves dip slightly in May

The stock of foreign reserves declined moderately at the end of May to N$25,4 billion compared to N$25,7 billion in April, the Bank of Namibia announced this week.

BoN gives foreign banks ultimatum

The Bank of Namibia has given foreign-owned banks until the end of 2019 to comply with requirements that locals should hold at least 25 percent equity in commercial lenders operating in the country.

Foreign reserves dwindle in March

The latest Bank of Namibia Money and Banking Statistics report paints a gloomy picture for Namibia’s financial sector, with a decline in foreign reserves, and slow growth recorded in money supply and private credit extension.

Cheque usage declines sharply

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.

Angola to repatriate N$2bn to Namibia

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.

BoN backtracks on SME Bank

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”.

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