Finance

Finance (607)

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The Bank of Namibia (BoN) says it will exercise increased caution when dealing with transactions or clients from South Africa following its greylisting by the Financial Action Task Force (FATF).

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The increase of interest rate has become a norm, with the continuous effort by the Monetary Policy Committee of the Bank of Namibia to stabilise the national economy and to maintain the one-to-one ratio peg between the South African Rand and the Namibia Dollar.

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Project Never Walk Alone (PNWA), has successfully raised N$3 million through The Great50 Pledge initiative.

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Inflation is high, and interest rates have soared. How much further Bank of Namibia (BON) needs to raise interest rates, and whether the economy can prosper as it raises it, are crucial questions without clear answers. 

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The Development Bank of Namibia (DBN) has announced that its Business Recovery Loans have been further subsidized in response to calls by businesses for access to affordable credit, and will now include a 12-month interest-free period following disbursement of the loan.

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The Bill of the much-anticipated creation and implementation of the Welwitschia Sovereign Wealth Fund, that is sought to boost the country’s economic recovery and also serve as a solid foundation that can back up the country’s economy, will be tabled in parliament in 2024.

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Capricorn Group Limited has recorded N$698.2 million in after-tax profit for the six months ended 31 December 2022, a 20.3% increase compared to N$580.5 million recorded prior year.

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The Government Institutions Pension Fund (GIPF) has announced that it will suspend monthly benefit payments in March 2023 to all pensioners, spousal and children beneficiaries who have not enrolled on the Fund's new biometric enrollment system by February 28, 2023. 

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Property development company, Ongos Valley has secured a provisional building society license from the Bank of Namibia (BoN).

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Namibia and Angola are planning to integrate their payment systems as part of efforts to improve the flow of trade between the two countries.

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