BoN, Bundesbank to further bolster ties

18 February 2019 | Banking

There is no money involved. Capacity building is involved. – Ipumbu Shiimi, Governor: BoN

The Bank of Namibia (BoN) and the central bank of Germany, the Deutsche Bundesbank, want to strengthen existing ties, particularly in the areas of combating cybercrime and sharing of expertise.

This was said by BoN governor, Ipumbu Shiimi, on Wednesday at State House, after he and Deutsche Bundesbank president, Jens Weidmann, briefed president Hage Geingob on their plans.

Over their five-year relationship, the two banks have worked hand-in-hand in areas of central banking, exchanged visits and hosted regional workshops in Windhoek involving all Southern African Development Community (SADC) member states, said Shiimi.

“We work together in various central banking areas such as payment systems, currency printing and currency management. We exchange information. We also get training and they have better capacity than us in Namibia,” he said, adding that the BoN has a great deal to learn from its German counterpart.

With the local economy currently in a precarious state, Iipumbu dismissed the prospect of borrowing money from Germany featuring in their 15-minute long closed-door meeting.

“There is no money involved. Capacity building is involved. You don’t need money, you need capacity,” he said.

Cybercrime

Weidmann said the area of cooperation topping the list is the fight against cybercrime and the dangers it poses to central banks around the world.

“We are cooperating in numerous areas including IT and cybersecurity. Cybercrime is something that concerns us both and how to create systems that are secure and can fend off attacks,” he said.

Finance minister Calle Schlettwein, who joined Geingob at the meeting, said they discussed ways to better secure systems against cybercrime, money laundering and funding of terrorism.

“Germany has a lot of experience in that,” Schlettwein said.

Wiedmann served as an advisor to German chancellor Angela Merkel for five years. According to Schlettwein this an added advantage as he has great insight and strong links to the German government.

“We also discussed economic issues, how we can better cooperate with Germany, address our structural reforms in the economy and improve investment streams from the European Union, especially from Germany,” he said. - Nampa

Similar News

 

New N$30 note now available

2 weeks ago - 18 May 2020 | Banking

Phillepus Uusiku- The new N$30 bank note was issued on Friday by the deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, and it...

The a-ha moment

2 weeks ago - 15 May 2020 | Banking

Dr Rikus Grobler believes that people's creative ideas are every organisation's superpower – it just needs to be harnessed. He says his ability to recognise,...

Bank Windhoek launches free essentials delivery service during lockdown...

1 month - 23 April 2020 | Banking

The Rider Service was launched on Thursday, 16 April 2020 and is an add-on service to the Hey Jude for Bank Windhoek App, an exclusive...

!Gawaxab: ‘Economy needs smart ideas’

1 month - 23 April 2020 | Banking

The Bank of Namibia (BoN) must contribute towards making sure that the economy protects Namibians by placing them on a prosperous trajectory, its newly appointed...

!Gawaxab eases conflict of interest fears

1 month - 22 April 2020 | Banking

OGONE TLHAGEWINDHOEKAs he takes on a new role as the governor of the Bank of Namibia, EOS Capital founder Johannes !Gawaxab says there should be...

BoN records increase in EFT payments fraud

1 month - 21 April 2020 | Banking

The Bank of Namibia (BoN) recorded an increase of N$5.4 million in Electronic Funds Transfer (ETF) payments fraud in 2019 compared to the N.dollars 194...

Bank Windhoek puts safety first

1 month - 15 April 2020 | Banking

For Bank Windhoek, corporate social responsibility extends beyond their societal impact and underpins their culture and aligns with their purpose of being a connector of...

BoN will assess banks’ dividends

1 month - 09 April 2020 | Banking

Jo-Maré Duddy – The Bank of Namibia (BoN) will continue to assess dividends payments of local commercial banks, the central bank said yesterday.The South African...

DBN explains debt relief measures

1 month - 07 April 2020 | Banking

The relief measures by the Development Bank of Namibia (DBN) to cushion businesses against the impact of Covid-19 include a temporary moratorium on repayment of...

Local banks drop digital fees

2 months ago - 31 March 2020 | Banking

Both FNB Namibia and Standard Bank Namibia this weekend lowered fees on their digital platforms to encourage the public to stay at home during the...

Latest News

Sean K part of Covid-19...

3 hours ago | Art and Entertainment

WINDHOEK EXPRESSWINDHOEKNamibian crooner Sean K is one of 11 African artists who worked on a collaborative song to thank healthcare workers for their commitment and...

2020 Mining Expo and Conference...

17 hours ago | Business

Phillepus Uusiku The Mining Expo and Conference that was scheduled for 2-3 September 2020, after having been postponed from 22-23 April, has been cancelled. The...

NBL ready to deliver

17 hours ago | Business

Phillepus UusikuLife is slowing returning to normal as Namibians navigate the country’s gradual reopening following an easing of trade restrictions which were necessitated to combat...

Treasury demands reports of lockdown...

17 hours ago | Economics

OGONE TLHAGEWINDHOEKThe ministry of finance will demand full reports from public entities, ministries, agencies and offices detailing procurement expenditure incurred during stage one of the...

Over 120 lose jobs at...

17 hours ago | Labour

KENYA KAMBOWERUNDUAbout 120 people lost their jobs yesterday after a fallout between Chinese-born business magnate Stina Wu and a subcontractor that labour inspectors found to...

Namibia’s food security paradox

17 hours ago | Agriculture

Venomukona Tjiseua, sustainable agriculturalist: “The government must revisit its priority list and place agriculture at its correct spot.”With jobs disappearing, incomes drying up and savings...

The contest for hearts and...

17 hours ago | Opinion

Nightfall does not come all at once, neither does oppression. In both instances, there is a twilight, when everything remains seemingly unchanged.The above quote by...

Indemnity forms a matter of...

17 hours ago | Education

OGONE TLHAGEWINDHOEKWith some learners expected to return to schools today, education ministry executive director Sanet Steenkamp says parents will have to trust that schools have...

SA loosens lockdown to revive...

17 hours ago | International

South Africa sought to revive its stuttering economy on Monday with a partial lifting of its coronavirus lockdown, letting people out for work, worship or...

Load More