{"id":66147,"date":"2024-04-06T17:13:23","date_gmt":"2024-04-06T17:13:23","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/central-bank-declares-highest-dividends-since-inception"},"modified":"2024-04-06T18:04:40","modified_gmt":"2024-04-06T18:04:40","slug":"central-bank-declares-highest-dividends-since-inception","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/central-bank-declares-highest-dividends-since-inception","title":{"rendered":"Central bank declares highest dividends since inception"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Bank of Namibia (BoN) has declared its highest dividend yet of N$511,1 million since its inception in 1990.<\/p>\n

Over its last two financial periods, the central bank maintained a dividend payout of N$413,7 million.<\/p>\n

During the recent annual report launch in Windhoek, central bank governor Johannes !Gawaxab said the high dividend can be attributed to increased Southern African Customs Union (Sacu) revenue and higher diamond sales.<\/p>\n

\u201cThe bank\u2019s financial performance showcased increased robustness in 2023, mainly driven by increased investments on the back of Sacu revenue and higher-than-expected diamond sales, proceeds of the sale of Namibia Breweries to Heineken, and valuation gains,\u201d !Gawaxab said.<\/p>\n

Additionally, the bank also recorded more than double the profit it made in 2022, which was attributed to higher interest rates.<\/p>\n

\u201cOperating profit soared by 57,5% \u2013 from N$651 million in 2022 to N$1,02 billion in 2023 \u2013 due to higher interest rates and average investment balances,\u201d !Gawaxab said.<\/p>\n

Additionally, the amount designated for distribution increased from N$772,6 million in 2022 to N$956,9 million in 2023.<\/p>\n

Total assets increased by N$9,56 billion, \u2013 from N$52,36 billion in 2022 to N$61,92 billion in 2023.<\/p>\n

An allocation of N$100 million was made to the Development Fund Reserve for development purposes and N$10 million to the Training Fund Reserve.<\/p>\n

According to the report, the Namibian Interbank Settlement System processed a total of N$1,2 trillion worth of transactions last year.<\/p>\n

Single transactions made up N$800,5 billion, including individual electronic payments made between accounts, like salaries being deposited or bills being paid online while Off-Us card and electronic fund transfer transaction values amounted to N$405,3 billion.<\/p>\n

These are transactions involving cards or electronic fund transfers, but of which the involved accounts are held by different banks.<\/p>\n

Deputy minister of finance and public enterprises Maureen Hinda-Mbuende said these dividends come at a time when there are challenges with resources needed to meet social demands.<\/p>\n

\u201cThese dividend payments emerge as lifelines crucial for our nation\u2019s progress. As Namibia\u2019s population surges past the three-million mark, the pressure on social services intensifies, making each financial injection even more crucial.<\/p>\n

\u201cThese dividends aren\u2019t merely financial transactions; they are catalysts for transformation, addressing critical developmental needs,\u201d Hinda-Mbuende said.<\/p>\n

Additionally she lauded the bank for the establishment of the Welwitschia Fund, which has grown from N$262 million to N$425 million.<\/p>\n

\u201cIt represents a significant step towards fortifying Namibia\u2019s fiscal resilience amid global economic fluctuations,\u201d Hinda-Mbuende said.<\/p>\n

Namibia\u2019s current account deficit increased from N$26,4 billion in 2022 to N$34,1 billion in 2023, which represented 15% of Namibia\u2019s gross domestic product in 2023, compared to 12,8% in the previous year.<\/p>\n

This means the value of goods and services Namibia imports was significantly higher than that of its exports, which was mainly attributed to a rise in spending on services and sending money abroad (primary income).<\/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 Bank of Namibia (BoN) has declared its highest dividend yet of N$511,1 million since its inception in 1990. Over its last two financial periods, the central bank maintained a dividend payout of N$413,7 million. During the recent annual report launch in Windhoek, central bank governor Johannes !Gawaxab said the high dividend […]<\/p>\n","protected":false},"author":84,"featured_media":66146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-66147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nCentral bank declares highest dividends since inception - Namibia<\/title>\n<meta name=\"description\" content=\"The Bank of Namibia (BoN) has declared its highest dividend yet of N$511,1 million since its inception in 1990. 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