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

 

Kamushinda fights on

1 day - 16 September 2019 | Banking

Enoch Kamushinda, described as the mastermind behind the heist at the SME Bank, is continuing his dogged battle to stop the bank's “closure”.In his latest...

Berry’s hard work pays off

4 days ago - 13 September 2019 | Banking

Evany van Wyk Establishing good relationships with clients and becoming a connector of positive change are among Johan Berry’s future plans. His vision is...

Berry’s hard work pays off

4 days ago - 13 September 2019 | Banking

Evany van Wyk Establishing good relationships with clients and becoming a connector of positive change are among Johan Berry’s future plans. His vision is...

If ‘positivity’ were a person

2 weeks ago - 30 August 2019 | Banking

EVANY VAN WYK Stephanie Viljoen wakes up every morning with the hope that she will impact somebody’s life and that they will be inspired by...

Zero maintenance bank account launched

3 weeks ago - 21 August 2019 | Banking

With Nedbank Namibia’s recently launched Pay-As-You-Use account, clients of any age or income group pay bank charges only when they make a transaction.“We are excited...

Passionate about business

1 month - 16 August 2019 | Banking

Having started at Bank Windhoek in 2006 as senior account executive, Lukas Nanyemba was driven by his passion for business over the years, leading him...

Top-rated money app launched

1 month - 06 August 2019 | Banking

Nedbank took the next step in its digital banking evolution by launching its top-rated Money App technology in Namibia. According to the bank, the new...

N$21bn oil refinery mooted

1 month - 02 August 2019 | Banking

Russian energy company Comsar, owned by billionaire Rashid Sardarov who was last year controversially granted a 99-year lease for four farms he purchased and then...

Blockchain launches cryptocurrency exchange

1 month - 01 August 2019 | Banking

Gertrude Chavez-Dreyfuss - Blockchain, one of the world's largest digital currency wallet companies, announced on Tuesday the launch of a cryptocurrency exchange called The PIT...

Accessibility made easy

1 month - 26 July 2019 | Banking

Justicia ShipenaOn 19 July, Sanlam officially opened its new offices in Windhoek. The office is located at Wanaheda in Katutura along Independence Avenue.According to Sanlam...

Latest News

Legal bullet aimed at cops

15 hours ago | Justice

A Namibian police officer and his bosses are defending a N$3 million lawsuit brought by a grieving mother whose four-year-old son was killed by a...

Botswana boots Namibian refugees

15 hours ago | International

The deportation of 855 Namibian refugees living in Botswana will start today after Botswana nullified their refugee status. The now illegal immigrants have refused...

The next big thing

15 hours ago | People

Elizabeth Joseph #TeamGraduate is a project that was started by Helena Mboti, a Rhodes University alumnus who graduated with a bachelor’s degree in financial...

The next big thing

15 hours ago | People

Elizabeth Joseph #TeamGraduate is a project that was started by Helena Mboti, a Rhodes University alumnus who graduated with a bachelor’s degree in financial accounting...

Our cadre deployment curse

15 hours ago | Opinion

Public enterprises minister Leon Jooste’s frank admission that appointing the right board members to parastatals is pivotal to ensuring their success must have been music...

Respect is a two-way street

15 hours ago | Columns

Octavia Tsibes Imagine being kind, humble and respectful. You have nothing to lose, and as a matter of fact, it costs you nothing to be...

To the brave souls walking...

15 hours ago | Health

The dictionary defines brave as ready to face and endure danger or pain; showing courage. More often than not it is the ‘visible’ bravery that...

HKIA upgrades start, finally

15 hours ago | Transport

The handling capacity of Hosea Kutako International Airport will be doubled by a N$250 million project starting next week to eliminate congestion at Namibia's flagship...

Health services around the clock

15 hours ago | Health

The Katutura health centre, which offers a lifeline to thousands of people each year, will now be operating 24 hours a day, seven days a...

Load More