Bank of Namibia Corporate Charter

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Bank of Namibia Corporate Charter Annual Report I Annual Report Bank of Namibia Annual Report 1999 Registered Office Robert Mugabe Avenue P. O. Box 2882 Windhoek Namibia II Annual Report Bank of Namibia Corporate Charter MISSION The mission of the Bank of Namibia is to promote monetary and financial stability in the interest of the Nation’s sustainable economic growth and development. VISION Our vision is to be a centre of excellence – a professional and credible institution, a leader in the areas of economics, banking and finance, driven by competent and dedicated staff. VALUES We are committed to service excellence We uphold integrity, impartiality, open communication and transparency. We care for our staff, their well being and their contribution to the organisation. We value teamwork. III Annual Report MEMBERS OF THE BOARD Back: Dr. O. Herrigal, Mr. P. Damaseb, Mr. R.L. Ritter, Ms. P. Elago, Mr. F. Kisting, Mr. M. Gaomab II (Board Secretary) Front: Mr. L.S. Ipangelwa (Deputy Governor), Mr. T.K. Alweendo (Governor) Insert: Mr. U. Maamberua IV Annual Report BANK OF NAMIBIA MANAGEMENT Governor Mr T Alweendo Deputy Governor Mr L S Ipangelwa Advisors Dr S Ikhide Mr B Vollan General Manager Mr U Davids Internal Auditor Mr C Britz Board Secretary Mr M Gaomab II Chief Economist and Head of Research Vacant Principal Economist and Deputy Head of Research Dr C Hoveka Manager – Statistics Mr M Mwinga Manager - Monetary and Financial Analysis Vacant Manager - Modelling and Forecasting Mr W Shiimi Manager – International Economic Relations Mr F Hengari Senior Manager - Bank Supervision Mr E Meroro Manager - Regulations and Analysis Mr B Masule Manager – Bank Examinations Mr P Mwangala Manager – Financial Markets Mr F Hangula Senior Manager – Banking Services Mr R Lawrence Manager – Payment System Mr F Guiseb Manager – Currency and Banking Ms R Metzler Manager – Exchange Control Mr W Mberirua Senior Manager – Information Technology Mr T Nehoya Manager – Business Systems Mr J v d Merwe Senior Manager – Human Resources Ms L Markus Manager – Training and Development Mr B Uirab Senior Manager – Corporate Services Mr F Hamunyela Manager – Protection Services Mr A Shikongo Manager - Public Relations Ms L Martin Manager – Properties and General Services Mr E Lehmann Manager – Legal Services Ms S Tjijorokisa Manager – Finance Mr H Theodore V Annual Report Contents 1. ECONOMIC OVERVIEW ............................................................................................................................ 1 2. REAL SECTOR AND PRICE DEVELOPMENTS .....................................................................................2 2.1 DOMESTIC OUTPUT ............................................................................................................................................ 2 2.2 SECTORAL ANALYSIS ......................................................................................................................................... 2 2.3 DOMESTIC DEMAND CONDITIONS ...................................................................................................................... 3 2.4 SAVINGS AND INVESTMENT BALANCE ............................................................................................................... 4 2.5 PRICE DEVELOPMENTS ....................................................................................................................................... 4 3. MONETARY AND FINANCIAL DEVELOPMENTS................................................................................6 3.1 MONETARY POLICY DEVELOPMENTS DURING 1999 .......................................................................................... 6 3.2 MONEY SUPPLY SECTORAL ANALYSIS ............................................................................................................... 6 3.2.1 BROAD MONEY SUPPLY AND ITS COMPONENTS ....................................................................................... 6 3.2.2 DETERMINANTS OF MONEY SUPPLY......................................................................................................... 7 BOX A DEMAND FOR MONEY IN NAMIBIA.......................................................................................................9 3.3 MONEY MARKETS.............................................................................................................................................. 9 3.4 CAPITAL MARKETS .......................................................................................................................................... 10 3.4.1 Debt Securities Market..................................................................................................................10 3.4.2 Equity Securities Market ............................................................................................................... 11 4. PUBLIC FINANCE.......................................................................................................................................12 4.1 FISCAL POLICY MEASURES .............................................................................................................................. 12 4.2 REVENUE .............................................................................................................................................. 12 4.3 EXPENDITURE .............................................................................................................................................. 12 4.4 FINANCING OF THE BUDGET DEFICIT................................................................................................................. 13 4.5 PUBLIC DEBT ................................................................................................................................................13 5. FOREIGN TRADE AND PAYMENTS ......................................................................................................14 5.1 CURRENT ACCOUNT......................................................................................................................................... 14 5.2 CAPITAL AND FINANCIAL ACCOUNT, AND INTERNATIONAL RESERVES ............................................................ 17 5.3 EXCHANGE RATE DEVELOPMENTS................................................................................................................... 18 5.4 EXCHANGE CONTROLS IN NAMIBIA.................................................................................................................. 19 5.5 REGIONAL INTEGRATION ISSUES ..................................................................................................................... 19 6. REPORT ON BANKING SUPERVISION AND THE REGISTRAR’S REPORT ON THE BUILDING SOCIETY ..............................................................................................................................................21 6.1 OVERVIEW .............................................................................................................................................. 21 6.2 INDUSTRY AND REGULATORY DEVELOPMENTS ............................................................................................... 21 6.2.1 Authorised institutions................................................................................................................... 21 6.2.2 Determinations issued ................................................................................................................... 21 6.2.3 Offshore banking bill..................................................................................................................... 23 6.2.4 Y2K readiness ............................................................................................................................... 23 6.3 ON-SITE EXAMINATION ACTIVITIES.................................................................................................................. 23 6.4 INTERNATIONAL SUPERVISORY CO-OPERATION ..................................................................................................24 BOX B BANKING REFORM IN NAMIBIA ..........................................................................................................25 6.5 PERFORMANCE OF BANKING INSTITUTIONS...................................................................................................... 29 6.5.1 Asset Growth................................................................................................................................. 29 6.5.2 Deposits......................................................................................................................................... 29 6.5.3 Capital Adequacy .......................................................................................................................... 30 6.5.4 Loan Quality.................................................................................................................................. 30 6.5.5 Liquidity........................................................................................................................................ 32 6.5.6 Profitability and ernings ................................................................................................................32 VI Annual Report 6.6 PERFORMANCE OF BUILDING SOCIETY............................................................................................................. 33 6.6.1 LOANS AND ADVANCES.......................................................................................................................... 34 6.6.2
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