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The Namibian financial system was sound and resilient in 2020, despite the pre-existing sluggish economic activity, worsened by the COVID-19 pandemic, a report released Friday said.

The joint Financial Stability 2021 Report by the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority (NAMFISA) also revealed that the banking sector remained liquid, profitable, and well-capitalized, while asset quality deteriorated.

“The financial system’s resilience was maintained into early 2021, with the start of the rollout of vaccines in many parts of the world bringing the prospect of imminent normalization closer,” the report said.

According to the report, the banking sector’s total assets continued to grow, although at a slower pace, with liquid assets remaining well above the statutory minimum required.

Meanwhile, the report further revealed that household debt growth slowed, while corporate debt declined significantly in 2020.

Going forward, the report highlighted that risks to financial stability in Namibia will be monitored and the authorities will adopt policy measures to maintain financial stability as deemed appropriate. Enditem

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