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A N N U a L R E P O R T 2 0 Annual Report 2020 Bank of Namibia 2020 ANNUAL REPORT Notes This is the Bank of Namibia Annual Report and Financial Statements for the financial year ended 31 December 2020, which are prepared pursuant to section 67(1) of the Bank of Namibia Act, 2020 (Act no. 1 of 2020). © Bank of Namibia, 2020 All rights reserved. No part of this publication may be reproduced, copied or transmitted in any form or by any means, including photocopying, plagiarising, recording and storing, without the written permission of the copyright holder except in accordance with the copyright legislation in force in the Republic of Namibia. The contents of this publication are intended for general information only and are not intended to serve as financial or other advice. While every precaution is taken to ensure the accuracy of information, the Bank of Namibia is neither liable to any person for inaccurate information nor for any opinion contained in this publication. Published by the Bank of Namibia 71 Robert Mugabe Avenue PO Box 2882 Windhoek NAMIBIA Tel.: +264 61 283 5111 Fax: +264 61 283 5231 http://www.bon.com.na Enquiries: [email protected] ISBN: 978-99916-972-2-2 Part A: Operations And Affairs Of The Bank 1990 FIRST OFFICE AT DBN BUILDING Content Message from the Governor 5 Part A 11 Operations and Affairs of the Bank Part B 83 Annual Financial Statements for the Financial Year ended 31 December 2020 Part C 135 Economic and Financial Developments in 2020 Theme Chapter 212 Part D 226 Banking Supervision Part E 251 Statistical Appendix List of Abbreviations 304 BoN Annual Report 2020 1 Milestones of the Bank of Namibia Inflation has gradually decreased over the past 30 years and is well under control, bringing greater predictability for economic agents. The Bank has, in this context, safeguarded price stability in the interest of sustainable economic growth and development of Namibia. Former Governors of Bank of Namibia Building a stable and progressive financial sector Over the past three decades, the central bank has focused its efforts on reforming and modernising the Namibian financial sector. The goal has been to transform the sector into a more competitive, resilient, and inclusive system that makes the greatest possible contribution to the economy. Thanks to the effort, cooperation and collaboration of various stakeholders, the Namibian financial sector is much changed, and far better than it was 30 years ago. The Bank’s interventions have ensured that payments and transfers of funds are effected safely, cost-effectively, and reasonably fast. The sector has Dr WL Bernard Mr E.L Karlsson attracted more players in both the banking and non-banking Term Term spheres and has expanded its reach and adopted world-class 16 Jul 1990 - 25 Nov 1992 - standards of service, governance and risk management. 31 Aug 1991 31 Dec 1993 Dissemination of Namibia’s Bank notes Since its first issuance on 14 September 1993, the Namibia Dollar has become an important symbol of nationhood and value to Namibians. In 2003, the Bank of Namibia expanded its services to the north of Namibia by constructing the Oshakati branch. This expansion brought about the timely availability of the currency for the population in the northern regions and guaranteed that the Bank’s services were easily accessible and available throughout the country. A new family of banknotes was introduced in 2012 and the N$30 Dr J Ahmad Mr TK Alweendo commemorative banknote was launched to mark the 30- Term Term year independence celebrations of Namibia on 21 March 01 Jan 1994 01 Jan 1997 - 31 Dec 1996 25 Mar 2010 2020. Ensuring financial stability for the last 30 years In the last 30 years, the Bank has put in place mechanisms to prevent macroeconomic distress from financial instability in Namibia. The establishment of the Deposit Guarantee Scheme and the Deposit Guarantee Fund for the compensation of depositors in the event of a bank failure, provides assurance and confidence in our financial system. The Bank has also been committed to maintaining a healthy level of international reserves, to ensure and facilitate smooth Mr IW Shiimi international trade and financial transactions. The Bank has Term 25 Mar 2010 been effective in enhancing long-term macroeconomic and 21 Mar 2020 financial stability in the country over the past 30 years and will redouble its efforts over the next 30 years. 2 BoN Annual Report 2020 Our Vision Our vision is to be a centre of excellence; a professional and credible institution; working in the public interest and supporting the achievement of the national economic development goals. Our Mission To support economic growth and development in Namibia, we act as fiscal advisor and banker to Government; Promote price stability; Manage reserves and currency; Ensure sound financial systems and conduct economic research. Our Values We value high performance impact and excellence. We uphold open communication, diversity, integrity and teamwork. BoN Annual Report 2020 3 Part A: Operations And Affairs Of The Bank Mr Johannes !Gawaxab Governor & Chairperson 4 BoN Annual Report 2020 Message From The Governor Message from the Governor This Annual Report is prepared pursuant to Section 67(1) of the Bank of Namibia Act, 2020 (Act no. 1 of 2020). The report outlines the governance of the Bank of Namibia (hereinafter referred to as “the Bank”), global and domestic economic and financial developments, the banking supervision report, the audited financial statements, and key achievements of the Bank in 2020. The operations of the Bank in 2020 were carried out for an appropriate legal and institutional framework, under exceptionally challenging circumstances decision-making process, consultations with NAMFISA, brought about by the COVID-19 pandemic, which policy tools and implementation, crisis management severely affected economic activity. The global framework, and governance and macroprudential policy economy is estimated to have contracted in 2020, communication. The interface between macroprudential particularly with a deep contraction for the Namibian oversight and financial stability has also been clearly economy. Amidst the disruptions and uncertainty defined in the Framework. The independence of the brought about by the pandemic, central banks globally Bank is strongly emphasised in the new Act, with had to adapt to ensure minimal interruptions to their sanctions clearly stipulated for any person or authority operations and programmes, and to adopt policies that attempts to influence a member of the Board or a to cushion their economies from the impact of the committee established under this Act or a staff member pandemic. The Bank demonstrated its deftness and in the exercise or performance of powers or functions preparedness to deal with crisis circumstances. The under this Act. Bank invoked its crisis management strategy and ensured the continuation of its operations with minimal The year 2020 has been a milestone, as the Bank interruptions, while ensuring and prioritising the celebrated its 30th anniversary. The Bank has health of its staff. In addition, from the onset the Bank delivered on its mandates in terms of monetary policy, recognised the exceptional challenges to the Namibian financial stability, and financial sector development. economy caused by the COVID-19 pandemic and took In this regard, Namibia boasts a stable, sound, appropriate policy actions to provide support to the wellregulated and modern financial system – one of the economy. best in Africa. The financial system is competitive and resilient and plays an effective intermediary role in the In line with the evolving role of central banking, economy. The Bank is proud of the role it has played in the Bank started operating under a new Act, which the achievement of accessible, reliable, and affordable expanded its mandate during the period under financial services and products in Namibia. The Bank review. The Bank of Namibia Act, 2020 (Act No. 1 of has ensured a stable and reliable currency which 2020) repealed the Bank of Namibia Act, 1997 (Act continues to serve as an efficient lubricant of economic No. 15 of 1997) and the Bank of Namibia Amendment activity in Namibia. Similarly, the Bank has progressed Act,2004 (Act No. 11 of 2004). The new Act expanded in modernising the national payment system and in the mandate of the Bank by assigning to it the functions managing the country’s international reserves to serve of macroprudential oversight of the financial system. as an adequate buffer to withstand financial headwinds. The Bank has embraced its expanded mandate and Overall, the Bank has played a critical role in enhancing prepared itself well to effectively deliver on its newly long term macroeconomic stability in the country over assigned mandate by establishing the necessary the past 30 years. Going forward, the Bank, tethered institutional architecture and framework to govern both to the experience and lessons learned over the past the macroprudential and the financial stability mandates. 30 years, is committed to ensuring effectiveness in its In this connection, the Bank established the Financial role and mandate. A once-off commemorative N$30 System Stability Committee as legally constituted in terms note was launched in 2020 in celebration of the 30th of Chapter 3 of the Bank of Namibia Act, 2020, with its anniversary of Namibia’s independence. advisory role clearly defined. Similarly, the Bank drafted a Macroprudential Oversight and Financial Stability Policy The Bank continued to demonstrate dedication to Framework that will serve as a guide in implementing its core responsibilities as an accountable central the objectives of macroprudential regulation, providing bank, despite exposure to new risks caused by BoN Annual Report 2020 5 Message From The Governor the COVID-19 pandemic. The Bank continued to support services, and arts, entertainment, and other ensure price stability, with inflation at its lowest since services subsectors.
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