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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
By: Staff Writer The Old Mutual Group has announced a significant increase of N$91 million in its investment returns in Namibia for the year 2023 compared to the previous year. This was primarily fueled by higher interest rates and an expanded interest-bearing asset base. Over the course of 2023, the group experienced a […]
By: Nghiinomenwa-vali Erastus The Bank of Namibia’s recent annual report paints a troubling picture of the country’s economic landscape, with non-performing loans (NPLs) reaching N$6.5 billion by the end of 2023. Of these loans, 51% are attributed to individuals, while the real estate and business service sector accounts for 11.8%. The increase in […]
By: Justicia Shipena The Bank of Namibia (BoN) has declared a dividend of N$511.5 million to the government, which is about N$100 million from what it declared last year. This was announced by BoN Governor Johannes !Gawaxab during the launch of the central bank’s 2023 Annual Report on Tuesday. According to Gawaxab, the […]