BoN declares millions in dividends

31 March 2021 | Economics

Phillep Uusiku – The Bank of Namibia (BoN) has declared dividends of N$278.2 million to government for its 2020 financial year.
Launching the central bank’s 2020 annual report today, BoN governor Johannes !Gawaxab (right on the photo) handed over the dividends to Penda Ithindi (left), the economic advisor of finance minister Iipumbu Shiimi.
In his message in the annual report, !Gawaxab said the BoN’s operations in 2020 were carried out under "exceptionally challenging circumstances brought about by the Covid-19 pandemic, which severely affected economic activity".
"Amidst the disruptions and uncertainty brought about by the pandemic, central banks globally had to adapt to ensure minimal interruptions to their operations and programmes, and to adopt policies to cushion their economies from the impact of the pandemic. The Bank demonstrated its deftness and preparedness to deal with crisis circumstances," !Gawaxab said.
He continued: "The Bank invoked its crisis management strategy and ensured the continuation of its operations with minimal interruptions, while ensuring and prioritising the health of its staff. In addition, from the onset the Bank recognised the exceptional challenges to the Namibian economy caused by the Covid-19 pandemic and took appropriate policy actions to provide support to the economy."

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