Namibia Walvis Bay port
Namibia Walvis Bay port

Namibia’s financial system remained sound and resilient in 2019 despite unfavourable global economic conditions, a report said Tuesday.

According to the 2019 Financial Stability Report, although the financial system remained resilient, there was increased risk due to the COVID-19 outbreak.

Risks to financial stability have increased dramatically since the last Financial Stability Report, particularly since the outbreak of the COVID-19 pandemic at the beginning of 2020 with a notable deterioration in the global macro economic environment, the report stated.

Going forth, there is expected deterioration in financial stability arising from the COVID-19 pandemic, the report stated.

The report released by the central bank, Bank of Namibia and the Namibia Financial Institutions Supervisory Authority assessed the stability of the Namibian financial sector and its resilience to internal and external shocks during 2019. Enditem

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