Rédaction Africa Links 24 with Shania Lazarus
Published on 2024-04-10 10:00:15
Bank of Namibia governor Johannes !Gawaxab reiterated the central bank’s dedication to upholding price stability in the face of rising inflation rates. According to !Gawaxab, Namibia’s inflation rates have escalated from 2.2% in 2020 to 6.1% in 2022, and 5.9% in 2023. These remarks were made during the Cirrus Investor Conference held in Swakopmund on Tuesday.
Furthermore, !Gawaxab emphasized the bank’s efforts to modernize the financial system. This involves the implementation of initiatives such as the Instant Payment Solution, the Central Securities Depository, and the exploration of Central Bank Digital Currencies. These initiatives are geared towards enhancing the efficiency and accessibility of financial transactions for all, particularly those in rural and informal sectors. By enabling instant and secure transactions without the necessity for physical travel or expensive intermediaries, these initiatives seek to streamline the financial landscape.
The Instant Payment Solution aims to facilitate quicker and more convenient transactions, eliminating the need for time-consuming processes traditionally associated with financial transactions. By providing users with a seamless payment experience, this initiative seeks to enhance the overall efficiency of the financial system. The Central Securities Depository, on the other hand, focuses on centralizing the management of securities, making it easier for investors to track and manage their holdings. Through the exploration of Central Bank Digital Currencies, the Bank of Namibia is venturing into the realm of digital currencies, exploring the potential benefits and implications of adopting such technology.
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In conclusion, Bank of Namibia governor Johannes !Gawaxab’s commitment to maintaining price stability amidst inflation reflects the central bank’s proactive approach to addressing economic challenges. By modernizing the financial system and implementing innovative initiatives, the bank is paving the way for a more efficient and inclusive financial landscape. Through collaboration with stakeholders and the adoption of digital solutions, the Bank of Namibia is working towards a future where financial transactions are seamless, secure, and accessible to all sectors of society.
Read the original article on The Namibian
