{"id":25679,"date":"2022-07-23T14:59:26","date_gmt":"2022-07-23T14:59:26","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high"},"modified":"2022-07-23T15:14:25","modified_gmt":"2022-07-23T15:14:25","slug":"financial-tightening-expected-to-continue-as-inflation-remains-high","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high","title":{"rendered":"Financial tightening expected to continue as inflation remains high"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Governor of the Bank of Namibia (BON), Johannes !Gawaxab, said that the Bank will continue with its financial tightening efforts to contain the runaway inflation, which is expected to remain high \u2013 adding that it \u201cis the right thing for the long-term\u201d.<\/p>\n

The governor said this during a public lecture in Rundu on Wednesday, where he explained that tightening financial conditions actually means slowing economic growth. He acknowledged that this will be painful in the short-term, but said that it is necessary for medium and long-term stability in the future.<\/p>\n

\u201cIf we don\u2019t do that now, the money that you have in your pocket now, that\u2019s being eaten away by inflation, is going to be worthless. So, we have to take this pain, fellow Namibians, so that over the medium to long-term, we have a proper foundation to work from and we make sure that the incomes and the value of your currency is protected,\u201d he said.<\/p>\n

!Gawaxab explained that the current harsh economic conditions is a result of a number of exogenous factors, namely Covid-19 and its variants as well as the war in Ukraine and the associated supply chain disruptions.<\/p>\n

\u201cIt\u2019s not caused by anything that\u2019s mostly domestic. Yes, we had our draughts. Yes, we had our Covid and we needed to borrow, but those things are external factors, it\u2019s not our own making that we are dealing with,\u201d he added.<\/p>\n

He said that these external factors significantly hindered the country\u2019s economic growth, which averaged around 3,5% per annum since independence, and explained that 2022 will most likely not bring the projected 3,4% growth as a result.<\/p>\n

He noted that this is not only an unfortunate reality in Namibia, but a global problem as global economic growth \u2013 which stood at 6,1% in 2021 \u2013 will most likely also be lower than expected. This, he said, means that the global economy is contracting, which will further hinder Namibia\u2019s economic conditions as Namibia exports minerals to global economies.<\/p>\n

\u201cIf global economy is contracting, the demand for our minerals, the demand for our products is also slowing down,\u201d he said.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Governor of the Bank of Namibia (BON), Johannes !Gawaxab, said that the Bank will continue with its financial tightening efforts to contain the runaway inflation, which is expected to remain high \u2013 adding that it \u201cis the right thing for the long-term\u201d. The governor said this during a public lecture in […]<\/p>\n","protected":false},"author":84,"featured_media":25678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-25679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nFinancial tightening expected to continue as inflation remains high - Namibia<\/title>\n<meta name=\"description\" content=\"THE Governor of the Bank of Namibia (BON), Johannes !Gawaxab, said that the Bank will continue with its financial tighte ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial tightening expected to continue as inflation remains high\" \/>\n<meta property=\"og:description\" content=\"THE Governor of the Bank of Namibia (BON), Johannes !Gawaxab, said that the Bank will continue with its financial tighte ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-23T14:59:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-23T15:14:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_12-62dc103644e0b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"1152\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Financial tightening expected to continue as inflation remains high\",\"datePublished\":\"2022-07-23T14:59:26+00:00\",\"dateModified\":\"2022-07-23T15:14:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\"},\"wordCount\":371,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_12-62dc103644e0b.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/financial-tightening-expected-to-continue-as-inflation-remains-high\",\"name\":\"Financial tightening expected to continue as inflation remains high - 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