Africa-Press – Namibia. EIGHTEEN MONTHS AGO, I gave up the private equity firm Eos Capital, which I have founded, and started my term as Bank of Namibia governor.
JOHANNES !GAWAXAB The ride has been very different from what I expected. I was pleasantly surprised by the quality of people and talent, processes, and systems at the bank.
Covid-19 has been a major challenge though, not only for the bank and the country, but for the entire world. The bank’s response to the pandemic has been swift, decisive, and mitigated deeper economic scarring. We have made good progress over the last 18 months in many respects. Some of the highlights include the following:
• Our core mandate of maintaining and promoting monetary and financial stability remains sound. Interest rates are at historic lows, inflation, while spiking lately, is also well contained, and inflation expectations well anchored. The financial system is stable, well capitalised and profitable. We have our work cut out to help restore sustainable economic development.
• Our strategy review, which commenced in June and concluded in November 2021, will provide a solid platform on how we conduct monetary policy, approach financial stability and help drive sustainable economic development from 2022 to 2024.
• Our digital transformation journey sets out how we intend to automate, modernise, and facilitate efficiency through the use of technology.
• Our decision to explore Central Bank Digital Currencies and offer retail bonds to local investors.
• Our stakeholder engagement interventions aimed at better understanding the operating landscape when making policy decisions. We are looking forward to launching the new strategy in early December 2021 in which we will make these ambitions known.
I am looking forward to engaging our esteemed stakeholders on our plans as we re-envision central banking in a more pronounced manner going forward. * Johannes !Gawaxab is the governor of the Bank of Namibia.
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