Bank of Namibia


Find out more about 2023 Annual Report Launch.

2023 Annual Report Launch
02 April 2024 | Media Release
  Highlights of the Report
  • The financial performance of the Bank for the FY2023 represents an improvement when compared to the FY2022.
  • The Bank declared dividends of N$511.5 million to the State Revenue Fund, for the 2023 financial year.
  • The stock of international reserves rose by 11.9 percent to N$53.2 billion (3.8 months of import cover) at the end of 2023.
  • Despite a challenging global economic environment, the financial sector’s performance remained sound during 2023.
  • The Bank pursued a contractionary monetary policy stance during 2023 to safeguard the exchange rate peg, while supporting domestic economic activity.
  • Namibia’s economic growth scaled down to 4.2 percent in 2023 from 5.3 percent in 2022.
  • Namibia’s current account deficit as percentage of GDP widened to 15.0 percent during 2023 from 12.8 percent in 2022.

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