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Report of the Independent Auditors to the Members of the Bank of Namibia

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Report of the Independent Auditors to the Members of the Bank of Namibia BANK OF NAMIBIA ANNUAL REPORT 1991 I CONTENTS Page Part A : STATE OF THE ECONOMY IN 1991 1 Report in terms of section 53 (1) (b) of the Bank of Namibia Act, 1990 Part B : OPERATIONS AND AFFAIRS OF THE BANK 21 OF NAMIBIA Report in terms of section 53 (1) (a) (ii) of the Bank of Namibia Act, 1990. Part C : REPORT OF THE REGISTRAR OF BANKS AND 25 BUILDING SOCIETIES In terms of section 47 of the Banks Act, 1965 and section 77 of the Building Societies Act, 1986 Part D : ANNUAL ACCOUNTS ON THE FINANCIAL YEAR, 32 ENDED 31 JANUARY 1992 Part E : STATISTICAL TABLES 37 II BANK OF NAMIBIA BUILDING III BOARD OF DIRECTORS IV BOARD OF DIRECTORS Directors Dr W L Benard Governor Date of Appointment 16 July 1990 until 31 August 1991 Mr E Karlsson Deputy-Governor Date of Appointment 16 July 1990 Acting Governor (since 1 September 1991) Mr P W Hartmann Date of Appointment 16 July 1990 Mr P Damaseb Date of Appointment 16 July 1990 Mr J S Kirkpatrick Date of Appointment 16 July 1990 Miss B Gawanas Date of Appointment 16 July 1990 Registered Office 10 Göring Street WINDHOEK V PART A STATE OF THE ECONOMY IN 1991 Page 1. OVERVIEW 2 1.1 International Background 2 1.2 The Namibian Economy 2 2. REAL SECTOR AND PRICE DEVELOPMENTS 3 2.1 Structural Features 3 2.2 National Output 3 2.3 Sectoral Developments 4 2.4 Employment 8 2.6 Population Census 8 2.7 Price Developments 8 3. MONEY AND BANKING 9 3.1 Monetary Survey 9 3.2 Commercial Banks 10 3.3 Bank of Namibia 11 3.4 Other Banking Institutions 12 3.5 Interest Rates and Exchange Rates 13 3.6 Monetary Policy Developments 13 4. PUBLIC FINANCE 14 4.1 Fiscal Year 1990/91 14 4.2 Fiscal Year 1991/92 14 4.3 Budget Speech 1992/93 14 5. BALANCE OF PAYMENTS 15 5.1 Nature and Purpose 15 5.2 Previous Data 15 5.3 Bank of Namibia Survey 15 5.4 Available Survey Data 17 5.5 Available Data on Foreign Assets and Liabilities 20 5.6 Balance of Payments Data for 1991 20 1 1. OVERVIEW was somewhat affected by the gloomy economic developments in South Africa. In Swaziland, on the 1.1 International Background other hand, economic activity was supported by a strong performance in manufacturing exports. Economic developments in the world economy proved in many ways disappointing in 1991. Economic growth 1.2 The Namibian Economy slowed down for the third consecutive year and unemployment edged upward. In many countries As Namibia is a very open economy, the Namibian tensions in financial markets mounted with the rising economy was adversely affected by the sluggish world level of non-performing loans. conditions. Developments in many sectors of the economy were disappointing. According to preliminary In the industrialised countries recession remained data, most mining products experienced lower unexpectedly persistent. Particularly, in the United production levels in 1991. However, thanks to the States a recovery failed to materialise whereas the more than 50 per cent increase in diamond production, United Kingdom struggled with the recessionary the Joining sector's total output in 1991 was pushed to economy. Positive integration effects in Germany a slightly higher level than in 1990. Together with a turned out to be short-lived and unable to boost considerable increase in fishing, the real GDP economic growth, and even in Japan economic activity increased by 5 per cent in 1991 according to was subdued. The former Soviet Union republics and preliminary estimates. The inflation rate, as measured the Eastern European countries were experiencing by the twelve-month rise of consumer prices in sharp reductions in production and upbursts of inflation Windhoek, increased considerably towards the end of when implementing major economic reforms. On the the year to 18.1 per cent. However, because the price other hand, integration in Western Europe inched level was relatively stable during the early part of 1991, forward with deadlines set for Economic and Monetary the average inflation rate was in 1990 and 1991 at the Union and a common currency in the Maastricht same level of about 12 per cent. summit in December 1991. The outlook for 1992 is darkened by a severe drought, Many developing countries continued to suffer from which has destroyed most of the agricultural crop in weak world market conditions for their primary product Namibia. The drought has also endangered livestock exports. Together with inadequate progress with the breeding in large areas of the country and will lead to debt strategy and domestic policy reforms, the substantial destocking. As the drought has affected economies of numerous developing countries most Southern African countries as well, importing the remained bleak. necessary food outside the region will be relatively costly. While economic activity slackened in the industrial countries, changes in inflation rates were diverse. Reflecting the favourable developments in some Notably, inflation accelerated in Germany calling for a sectors in the economy, total estimated budgetary tighter monetary policy. In the United States inflation revenue for the fiscal year 1991/92 exceeded decelerated slightly and in order to strengthen the somewhat the budgeted revenue. Moreover, as economy, easing of monetary policy continued. expenditure fell short of the budgeted one, only a Consequently, the dollar remained weak throughout relatively small budget deficit was recorded. the year. The budget proposal for the fiscal year 1992/93 The poor performance of the South African economy envisages an increase of 9 per cent in total revenue continued in 1991. Real Gross Domestic Product over the estimated revenue of the previous year. Total (GDP) decreased by 0.6 per cent. Inflation accelerated expected expenditure growth is 26 per cent. The in 1991. While the change in consumer prices over budget deficit with grants regarded as income, of 8.2 twelve months was 14.6 per cent in December 1990, a per cent of GDP, is proposed to be financed by a year later it was 16.0 per cent. Various factors rundown of cash balances and by raising loans from contributed to the high inflation, specifically the domestic and foreign sources. relatively high increases in food prices and the implementation of the value added tax system in It is important to note that the statistical data on which September 1991. this report is based is still currently rather weak. While collection and compilation of money and banking Of the other Southern African Customs Union statistics is now being undertaken on a regular basis countries Botswana was hit by the world economic and considerable efforts have been devoted to obtain recession leading to a declining trend in diamond, balance of payments statistics for Namibia, much mineral and beef exports. Lesotho, where migrant remains to be done in improving existing systems for workers' remittances from South Africa are important, the collection of accurate and timely statistics relating to the various real sectors of the economy. 2 2. REAL SECTOR AND PRICE DEVELOPMENTS CHART 2.2 CHANGES IN SECTORAL GDP (AT CONSTANT 1985 PRICES) 2.1 Structural Features Sectoral distribution of output highlights a steady expansion in the share of the tertiary sector in the Gross Domestic Product (GDP) from the mid 1980s. The primary sector, which has traditionally played a leading role in economic developments in Namibia, has continuously declined over the years. With the changes in the contributions of the primary and tertiary sectors offsetting each other, that of the secondary sector has remained virtually unchanged. Significant growth in the tertiary sector came mainly from the general government services. For the most part, growth in the primary and tertiary sectors has dictated the pace of growth and development in the overall economy of Namibia. It should be noted, however, that the labour absorption capacity in the fastest growing sectors has been limited. Notwithstanding the unfavourable external economic During 1991 a transitional three-year Development conditions, the Namibian economy showed modest Plan was prepared. The Development Plan highlights improvement in its performance during 1991. Real development challenges and problems faced by the Gross Domestic Product grew by 5 per cent in 1991, different sectors of the economy as well as the which compares favourably with a revised figure of 3 envisaged strategies to tackle the problems. In view of per cent recorded a year ago. The overall growth of the gross disparities in a wide number of aspects (income distribution, access to social amenities and The GDP was the net result of increases in the real land ownership) the Government has identified four value-added by diamond mining and fishing. In 1991 sectors that will receive priority in terms of Government the volume of diamond mining output increased expenditure in an attempt to close the gaps that exist considerably by 56 per cent, while production in the between different groups in Namibia. The priority fishing industry recorded an expansion of 84 per cent. sectors include education, health, housing and agriculture and rural development. The Plan also The higher growth recorded by the diamond sub sector made an attempt to present a review of developments was partly neutralized by declines in the real value of in the various sectors of the economy. other mining output and consequently, the overall rate of growth for the mining sector rose by 5 per cent, in 2.2 National Output real terms, during 1991. The value added by the agricultural sector declined slightly by 1 per cent, Recessionary conditions and the slow economic against a 1 per cent increase recorded in the previous growth in the industrialized countries continued to be year.
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