Select Page

Financial system remains profitable in 2018, despite weak economic activity – report

Financial system remains profitable in 2018, despite weak economic activity – report

The financial system continued to be sound and resilient throughout 2018, according to to the Financial Stability Report released Thursday.

The report released by the central bank, Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory (NAMFISA) assessed the stability of the Namibian financial sector and its resilience to internal and external shocks, during 2018, despite subdued economic activities.

The report highlights specific risks emanating from the external environment, the domestic economy, domestic household and corporate debt, the banking sector, the non-banking financial sector, as well as the payment and settlement system.

“The overall assessment concludes that the financial system remained sound, profitable and resilient, despite the weak domestic and global economic conditions as portrayed by increased vulnerabilities in some sectors,” the report said.

Meanwhile the two entities in the report said the domestic economy is projected to register a modest positive growth rate in 2019, which is also expected to contribute positively towards financial stability in Namibia, going forward.


 

About The Author

Musa Carter

Musa Carter is a long-standing freelance contributor to the editorial team and also an active reporter. He gathers and verifies factual information regarding stories through interviews, observation and research. For the digital Economist, he promotes targeted content through various social networking sites such as the Economist facebook page (/Nameconomist/) and Twitter.


Rain Rate >UTC + 2 hrs = Namibian Time<