Guest Contributor | Nov 27, 2020 | 0
Banking liquidity decreases to N$3.3 billion in July
The liquidity balances of commercial banks decreased by 26.6% to an average level of N$3.3 billion in July, the Bank of Namibia’s latest Money and Banking Statistics report indicates.
The decrease in liquidity balances was mainly as a result of outflows, reflecting payments of corporate taxes during the period under review.
This comes after the average liquidity balances of commercial banks recorded 2019’s highest increase of 17.1% to N$4.4 billion in June. The June increase was attributed to the liquidation of funds as companies were preparing for corporate tax payments due at the end of June.
Meanwhile, the stock of foreign reserves rose by 5.4%, to N$35.2 billion at the end of July 2019. The increase was largely due to SACU payments received during the month under review.