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Finance / Page 4
Law on Welwitschia Sovereign Wealth Fund to Reach Parliament Soon
By: Justicia Shipena Finance Minister Ipumbu Shiimi announced that legislation for managing the Welwitschia Sovereign Wealth Fund will soon be presented to parliament. This statement was made in response to questions from parliament member Jennifer Van den Heever regarding the fund’s oversight and administration. Shiimi revealed that the cabinet approved the law a […]
Namibia to Honour Eurobond Debt
By: Justicia Shipena The Governor of the Bank of Namibia (BoN), Johannes !Gawaxab, announced that Namibia has implemented measures to fulfill its Eurobond obligations. This statement was made during his meeting with representatives from the London Stock Exchange on Thursday. In his address to bankers, analysts, and representatives of the London Stock Exchange, !Gawaxab […]
No SOE Has Submitted 2023/2024 Financial Report
By: Hertha Ekandjo The Ministry of Finance has expressed growing concern as none of the public enterprises have yet submitted their financial reports for the 2023/2024 financial year. According to regulations, public enterprises are required to submit their financial metrics within six months of the end of their financial year, a deadline that […]
Namibia Makes 200 New Millionaires
By: Staff Writer Namibia has cemented its position in the top 10 wealthiest countries in Africa in terms of millionaires, with an additional 200 millionaires reported since last year. According to the latest 2024 Africa Wealth Report by investment migration consultancy Henley & Partners, Namibia, along with Mauritius, Morocco, Zambia, Kenya, Uganda, and […]
Repo Rate To Remain at 7.75% Economists Predict
By: Justicia Shipena Economists anticipate the Bank of Namibia’s Monetary Policy Committee (MPC) to maintain the repo rate at 7.75% due to the substantial rate difference compared to South Africa. Robert McGregor, an economist at Cirrus Capital said after South Africa chose to maintain its repo rate at 8.25 percent, Namibia would not have […]
Shiimi Sets NamRa’s Collection Target at N$85 Billion… taxpayers refunded N$10.4 billion
By: Staff writer The Namibia Revenue Agency (NamRa) has adjusted its revenue collection target from N$81 billion to N$85 billion, as revealed by the agency’s Commissioner, Sam Shivute. Over the last three years since its inception, NamRa’s collection targets have seen significant increases. Shivute acknowledged this shift in targets but expressed confidence in meeting them. […]
Finance Ministry to Regulate Banking Fees … commercial banks rake in N$4.5 Billion in non-interest income including fees and charges
By: Nghiinomenwa-vali Erastus The newly enacted Banking Act empowers the Minister of Finance and Public Enterprises to regulate fees and charges imposed by banking institutions on their customers. This was revealed in the 2023 annual report of the Bank of Namibia. According to the central bank, complaints regarding exorbitant fees and charges levied […]
Average House Price Stands At N$1.2 Million
By: Nghiinomenwa-vali Erastus By the end of December 2023, the average or most common house on the market cost N$1.21 million, slightly higher than the N$1.19 million recorded during the corresponding period in 2022. This was revealed by the FNB in its latest House Price Index. House prices vary across regions, with the […]
Namibian Economy Expected to Slow by 3.7% This Year
By: Staff Writer The Bank of Namibia projects that the economy will decelerate to 3.7% in 2024 before rebounding to 4.1% in 2025. The central bank attributes this anticipated slowdown primarily to weaker global demand and slower growth in primary industries, such as mining. However, GDP growth is expected to see a marginal […]
FNB Wins Namibia’s Best Bank Award for 2024
By: Dolly Menas First National Bank of Namibia (FNB) has earned the prestigious title of Best Bank in Namibia for the year 2024, as bestowed by Global Finance magazine. The announcement came during the 31st annual Best Banks awards ceremony, marking a significant achievement for Namibia’s largest commercial bank. The founder and editorial […]