Sun. Jun 16th, 2019

Namibia: Namibian Financial System Resilient in 2018

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Windhoek — Namibia’s financial system remained resilient in 2018 despite subdued economic activity, a financial

stability report released yesterday concluded. Yesterday, the Bank of Namibia (BoN) and the Namibia Financial Institutions

Supervisory Authority (Namfisa) jointly released the annual Financial Stability Report (FSR) to stakeholders in the

capital. The report assessed stability of the Namibian financial sector and its resilience to internal and external

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shocks during 2018. BoN Deputy Governor Ebson Uanguta said: “Global financial conditions remained largely

accommodative, but characterised by variations across regions which may increase financial stability risks.” Global

growth is estimated to have slowed during 2018, owing to weaker performances in Advanced Economies (AE) and

Emerging Market and Developing Economies (EMDEs).

According to the April 2019 world economic outlook of the IMF, global growth is estimated at 3.6 percent in 2018,

down by 0.2 percentage points from 3.8 percent in 2017. The report stated that the domestic economy is projected to register a modest positive growth rate in 2019, which is also expected to contribute positively towards financial stability in Namibia, going forward.

“The banking sector remained profitable, liquid and well capitalised, notwithstanding further deterioration in asset quality, as measured by the nonperforming loans ratio,” said Uanguta. It was also stated that the nonperforming

loan ratio increased from 2.5 percent in 2017 to 3.6 percent in 2018, which signifies that the banking sector

asset quality worsened. This however remains within the limits set by the Bank of Namibia, Uanguta observed.

“The Non-banking Financial Institutions (NBFIs) industry remained financially stable and sound, despite the

sluggish performance of the domestic economy.” The overall assessment concludes that the financial system remained sound, profitable and resilient, despite the weak domestic and global economic conditions as portrayed by increased vulnerabilities in some sectors.

Source

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