Guest Contributor | Jan 17, 2023 | 0
Central bank needs to prepare for the imminent digital revolution – official
The central bank needs to prepare itself to deal with the imminent digital revolution and leverage on technological innovation, according to the Bank of Namibia (BoN) governor, Johannes Gawaxab.
The central bank on Thursday celebrated their 30th Anniversary event, reflecting on their journey over the past 30 years, while also looking at what they can become in the next 30 years and beyond.
According to Gawaxab, in hi s in his maiden speech, BoN has been critical in enhancing long-term macroeconomic stability in the country over the past 30 years and has managed to deliver on its core mandate of implementing monetary policy, safeguarding financial stability, and promoting economic development in Namibia.
“On the monetary policy function, the role of the bank has been to set an interest rate path that ensures the maintenance of the value of the Namibia Dollar vis a vis its anchor currency,” he said, adding that they have thus far done relatively well.
Gawaxab said inflation has been largely under control over the past 30 years, bringing greater predictability for economic agents, while Namibia boasts a stable, sound, well-regulated, and modern financial system.
“The 30-year journey of central banking in Namibia was, however, not without challenges. A major challenge at the onset was to find qualified and experienced Namibian central bankers to carry out the mandate,” he said.
According to Gawaxab, the bank embarked on a successful capacity building and training programme that produced skilled personnel over the years, not only for the bank itself but for the country at large.
Gawaxab meanwhile assured all stakeholders that the central bank will remain at the forefront of leading change as it navigates the challenging economic times at present.
The Bank was founded on 16 July, 1990, with its legal foundation enshrined in Article 128 (1) of the Constitution of Namibia.