Bank of Namibia

Research and Financial Sector


Find out more about Research and Financial Sector.


The mission of the Research and Financial Sector Development Department is to conduct economic research and provide policy advice to maintain and promote macroeconomic stability and financial sector development in the interest of economic growth and development. To accomplish this mission, the Department regularly collects, analyses and forecasts macroeconomic data. This includes monetary and financial statistics, real sector and fiscal sector data, and balance of payments data.

The Department comprises Macroeconomic Statistics and Analysis, Policy Research and International Affairs, and Macro Models and Financial Sector Development.

 Macroeconomic Statistics and Analysis

The specific responsibilities of the function are to:

  • Collect, compile and analyse macroeconomic data concerning balance of payments, the real sector and fiscal sectors, monetary and financial statistics, and public finance;
  • Disseminate monetary and financial statistical and balance of payments data on a monthly and quarterly basis, respectively, for further use and analysis;
  • Maintain a detailed database of real-time data;
  • Ensure the statistics published by the Bank of Namibia conform to international standards and methodology;
  • Conduct complex analyses of data to form a basis for the monitoring of economic performance and policy formulation; and
  • Regularly produce internal and external economic reports, which include reports for the Monetary Policy Committee and the Board of the Bank, monthly releases to the public, quarterly bulletins, and the Annual Economic Report.

 Policy Research and International Affairs
  • conduct analytical research concerning general macroeconomic policy issues, placing strong emphasis on monetary, international, and financial, real and public sectors economics;
  • oversee the regular production of the Bank of Namibia's position and working papers, which serve as the main avenues for the dissemination of the research findings and the organisation of the Bank’s Annual Symposium;
  • prepare the macroeconomic framework, which contributes to the formulation of the budget;
  • coordinate the Bank’s interactions with other central banks as well as regional, continental, international and multilateral institutions such as, amongst others, the Common Monetary Authority (CMA), Southern African Customs Union (SACU), Southern African Development Community (SADC), Association of African Central Banks (AACB), International Monetary Fund (IMF), and the World Bank;
  • remain current with regional and international developments and advise management of the Bank and the Government accordingly; and
  • regularly liaise (in view of the cross-cutting nature of regional integration) with other departments within the Bank, Government ministries, and other stakeholders on regional co-operation arrangements.

 Macro Models and Financial Sector Development

The main responsibilities of the function are to:

  • develop, improve and maintain the macro-econometric models and provide accurate economic forecasts and projections of the domestic economy;
  • manage the activities of the Macroeconomic Working Group (MEWG), which comprises the Bank of Namibia, the Ministry of Finance, the National Planning Commission, and the Namibia Statistics Agency;
  • conduct research on financial sector development in Namibia, as outlined in the Financial Sector Strategy (NFSS) and as directed by emerging issues essential to enhancing access to financial services and products for Namibians and small and medium-sized enterprises (SMEs);
  • coordinate the implementation of the Bank of Namibia’s departmental reforms as well as of other relevant national bodies and institutions, based on the Financial Sector Strategy;
  • serve as the Secretariat to the financial sector development strategy’s governance structure (i.e. the Financial Inclusion Council, the Advisory Body to Council, and other relevant sub-committees/platforms) to ensure the effective implementation of the financial sector development initiatives; and
  • monitor developments in the financial sector, constantly, and keep management updated and informed thereof to determine whether such developments will impact the implementation and achievement of the Financial Sector Strategy’s objectives.

To ensure efficient operation, the Branch comprises support functions.

 Departmental Management
Ms Sanette Schulze-Struchtrup

Deputy Director: Macroeconomic Statistics and Analysis Division

Mr Erwin Naimhwaka

Deputy Director: Policy Research and International Affairs Division

Dr Postrick Mushendami

Deputy Director: Macro Models and Financial Sector Development Division


For general Research and Financial Sector Development Department enquiries, contact the Director’s Office at:

     Tel: +264 61 283 5276
Dr Emma Haiyambo - Director: Research and Financial Sector Development Department - Bank of Namibia
Dr Emma Haiyambo

Director: Research and Financial Sector Development Department

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