Namibia’s financial system withstands shocks from impacts of COVID-19 pandemic

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Namibia Central Bank
Bank Of Namibia

The Namibian financial system remained resilient, stable and sound in 2021, within a fluid economic environment, a report released Thursday states.

The joint Financial Stability Report (FSR) from the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority (NAMFISA) also revealed that the Namibian financial system during 2021 continued to withstand shocks from the impact of the global COVID-19 pandemic.

The annual FSR assesses the stability and resilience of the Namibian financial sector to internal and external shocks and was officially launched by Namibia’s central bank governor, Johannes Gawaxab in Windhoek on Thursday.

“Both the global and Namibian economies in 2021 recovered from the initial shock of the pandemic, albeit at a slower pace than initially anticipated.

Financial markets remained resilient and continued to be profitable on the back of very accommodative monetary and fiscal policy during the period under review,” the report added.

The report also noted that the banking sector remained liquid, profitable and well-capitalized during 2021, despite sluggish economic conditions.

“Similarly, Non-Banking Financial Institutions remained profitable and solvent during the period and the payment system infrastructure continued to operate efficiently,” the report added.

Going forward, the report highlighted that risks to the Namibian Financial System will be monitored closely and the authorities will not hesitate to adopt appropriate policy actions to mitigate the risks. Enditem

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