The mission of the Research 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 various macroeconomic data. These include monetary and financial statistics, real sector data, balance of payments data and fiscal sector data. Presently, the Research Department is divided into three divisions namely: the Statistics and Publication Division, Policy Research and Forecasting Division and the International Affairs Division.
Statistics and Publication Division
The main functions of the Statistics and Publication Division include the collection, compilation, analysis and publication of Macro-economic data pertaining to Balance of Payments, Real sector, Monetary & Financial data and Public Finance. Further a detailed database is maintained by the division that contains time series data relating to these data sets. The division does complex analysis of data to form a basis for monitoring economic performance and policy formulation. It further ensures that the statistics published by the Bank of Namibia conforms to international standards and methodology.
Policy Research and International Affairs Division
The main functions of the Policy Research and International Affairs Division include undertaking analytical research in general macroeconomic issues with a strong emphasis on monetary, international, financial, real, and public sector economics. The Division oversees the regular production of the Bank's occasional and working papers that are the main avenues for the dissemination of the research findings. The Division is also responsible for the preparation of the macroeconomic framework which serves as input into the budget formulation process. Furthermore, the Division is also responsible for the promotion and co-ordination of the Bank’s interactions with other central banks as well as regional, international, and multilateral institutions and organisations such as the CMA, SACU, SADC, AACB, IMF, and World Bank, amongst others. The Division keeps abreast of regional and international developments and advises the Bank management and Government accordingly. The Division participates in meetings and conferences relating to international co-operation as representative of the Bank or on behalf of Government. Given that the regional integration is a cross-cutting issue, the Division regularly liaises with other Departments within the Bank, Government ministries and other stakeholders on regional co-operation arrangements.
Macro Models and Financial Stability Division
The main functions Macro Models and Financial Stability Division include the development and management of the macroeconomic forecasting models in the Bank with the aim of providing private and public stakeholders with reliable forecasts. The forecasts are also used in the monetary policy decision processes. This requires that the Division regularly monitors trends in the global and domestic macroeconomic indicators in order to form a view on the future outlook of these indicators. The preparation of the macroeconomic framework which serves as input in the budget formulation process is also the responsibility of this Division. Furthermore, the Division is responsible for safeguarding and enhancing financial stability in Namibia. The Division produce the financial stability report which identifies risks and vulnerabilities in the financial system and assesses its resilience to domestic and external shocks. It also monitors key macro-prudential and financial soundness indicators to gauge risks and vulnerabilities in the financial system and propose recommendations to mitigate them. Stress testing the resilience of the financial system to potential shocks is also the responsibility of the Division.
Departmental Management
Ms. Florette Nakusera, Director: Research
Mr. Postrick Mushendami, Deputy Director: Macro Models and Financial Stability
Mr. Erwin Naimhwaka, Deputy Director: Policy Research & International Affairs
Ms. Sanette Schulze Struchtrup, Deputy Director: Statistics & Publications