Reserves sufficient for 5.6 months import cover

Despite the stock of international reserves decreasing in September, it is sufficient to cover Namibia’s imports.According to the Bank of Namibia (BoN), the stock of international reserves decreased by 3.4% month-on-month to N$53.8 billion at the end of September 2023, compared to N$55.6 billion at the end of August 2023. The foreign reserves translated into 5.6 months of import cover.The decline is attributable to commercial bank outflows, as well as government payments, the central bank said.Data released by the Namibia Statistics Agency (NSA) yesterday indicated that the domestic import bill decreased by 9.6% to N$11.1 billion in September from N$12.3 billion registered in August. In September 2022, the value of imports stood at N$11.4 billion.September’s N$11.1 billion import bill was mainly driven by petroleum oils, accounting for 23.7% of the total import value.The ministry of mines and energy last week announced that fuel prices will stay the same in November.Meanwhile, export earnings increased by 5.3% to N$7.8 billion in September compared to N$7.4 billion recorded in August 2023. In September 2022, the value of exports stood at N$8.7 billion.Export earnings in September were mainly driven by diamonds, accounting for 22.4% of total exports.All in all, Namibia’s trade deficit improved to N$3.3 billion in September compared to N$4.9 billion recorded in August. When compared to September 2022 (N$2.6 billion), Namibia’s trade deficit worsened in September.-phillep@nmh.com.na

Reserves sufficient for 5.6 months import cover

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Namibian Sun 2026-09-24

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Reserves sufficient for 5.6 months import cover

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Namibian Sun 2026-09-24

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