04-07-2023 Media Release BoN Courtesy Visit to President H.E Hage G. Geingob

05 July 2023 | Media Release
 

04-07-2023 Media Release BoN Courtesy Visit to President H.E Hage G. Geingob

The Governor of the Bank of Namibia, Mr. Johannes !Gawaxab, accompanied by Deputy Governor Ebson Uanguta and Deputy Governor Leonie Dunn, paid a courtesy visit to H.E. President Hage G. Geingob. The purpose of the engagement was to brief the President on key geopolitical and macroeconomic developments as well as provide an update on the country’s progress with execution of the Action Plan to address the Financial Action Task Force’s (FATF) Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (AML/CFT/CPF) Mutual Evaluation exercise. The Bank also updated His Excellency on the Bank’s strategic initiatives and its implementation to address financial inclusion in rural areas and the informal economy.

The briefing commenced with an overview of the current global geopolitical and macroeconomic landscape. The global economy is witnessing notable fault lines, including the ongoing Russia/Ukraine conflict and escalating tensions between the US and China. Inflation remains a concern, posing challenges for monetary authorities globally. Similarly, Namibia has experienced slightly elevated inflation, primarily driven by food and housing prices. In response, the Bank has taken appropriate though unpopular decisions to raise interest rates in order to counter inflationary pressures while safeguarding the one-to-one link between the Namibia Dollar and the South African Rand.