The governor of the Bank of Namibia, Mr. Johannes Gawaxab, at an event to mark the 30th Anniversary of the bank on Thursday the 16th of July,2020, called for the bank to take advantage of the advancements in technology and be ready as a digital revolution beckons.
While reminiscing on the journey so far and what lies beyond the next 30 years, the Central Bank Governor identified the apex bank’s contribution in the stability of macroeconomic indices over the last 30 years and believes it has been successful in sustaining financial stability, driving economic development, and executing its monetary policy which is at the heart of its responsibility.
Mr. Gawaxab explained that some measure of success has been recorded, observing that: “On the monetary policy function, the role of the bank has been to set an interest rate path that ensures the maintenance of the value of the Namibia dollar vis a vis its anchor currency.”
He applauded the bank’s success in keeping inflation numbers under control in the last thirty years, as the bank has kept to its billing of running a contemporary financial system with regulations at a very high standard. This has helped economic agents to make projections with relative ease.
“The 30-year journey of central banking in Namibia was, however, not without challenges. A major challenge at the onset was to find qualified and experienced Namibian central bankers to carry out the mandate,” He noted.
Since it was founded on July 16, 1990, by Article 128 of the Constitution of Namibia, the Bank of Namibia has successfully implemented its blueprint to build capacity in its workforce through a training programme which has benefited the country and not just the bank.
In his address, the Governor guaranteed stakeholders of the Central bank’s commitment to remaining a driving force for positive change even as the country deals with the economic downturn at the moment.