Central bank launches three-year strategic plan
The Bank of Namibia this week launched a three-year strategic plan which provides a solid platform for the bank to conduct monetary policy, approach financial stability, and help drive sustainable economic development.
Following a six-month exercise led by the Bank’s Management Committee and the Board, the strategic plan was launched on Thursday, 01 December and will be implemented over the next three years (2022 to 2024).
Launching the plan, the bank’s Governor Johannes !Gawaxab said with the adoption of the new plan, the bank is committed to drive greater digital transformation, financial inclusion and economic growth while delivering a stronger all-round performance in fulfilling its core mandate of price and financial stability.
“Our operating environment has changed significantly, and our responsibility has expanded in its scope. In this regard, the macro-prudential oversight responsibility now resorting in the bank underlines our central role in the functioning of the financial system. Equally, the COVID-19 pandemic has led to decisions in the policy environment that have long lasting effects, while the stabilising force of the monetary authority during the pandemic was demonstrable and impactful,” !Gawaxab said.
!Gawaxab further explained that the plan undertakes to usher in a digital transformation era for the institution as it intends to automate, modernise and facilitate efficiency utilising technology, which further acts as an enabler to the strategy.
Some initiatives include assessing the viability of Central Bank Digital Currencies and Retail Bonds, and the establishment of an Innovation Hub to promote innovation and creativity in the fintech sector. This, it is envisaged, will build a conducive environment for the incubation of new concepts without stifling start-ups and innovators but doing so in a regulatory responsible manner.
To support the delivery of the new strategic plan, the bank’s Board has approved changes to its organisational structure which will take effect on 1 January 2022. For this, a series of senior-level staff appointments effective 1 January 2022 will soon be announced.
The plan is available on the Bank of Namibia website at https://bon.com.na.