By: Justicia Shipena
The banking sector in Namibia witnessed a 1,5% increase in total assets value, reaching a staggering N$174,6 billion in the third quarter of 2023.
This growth was primarily attributed to rises in cash and bank balances, short-term negotiable securities, and net loans and advances, according to the Bank of Namibia’s Macroprudential Oversight Committee (MOC).
BoN Governor Johannes !Gawaxab, in a media statement on Tuesday, highlighted the sector’s robust balance sheet growth, reflecting improved liquidity and sufficient capital levels. !Gawaxab noted that the liquidity ratio rose to 18.5%, up from 18.1% in the previous quarter, driven by increased cash reserves from elevated diamond sales and government disbursements.
“The banking sector’s balance sheet growth remained strong, reflecting an improved liquidity position and adequate capital levels. On a quarterly basis, total assets for the sector increased by 1.5% to N$174.6 billion in the third quarter of 2023,” said !Gawaxab.
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