Understanding economic jargon

The Bank of Namibia recently held a two-day reporters’ workshop at their headquarters in Windhoek.

19 July 2019 | Banking

Evany van Wyk

This year the annual economic workshop, hosted by the Bank of Namibia (BoN), took place from 8 to 9 July.

It hosted 20 reporters and media students from the capital.

Jargon is special words or expressions used by a profession or group that is difficult for others to understand and this is what BoN wanted to highlight.

Economic and banking terms are often not understood by ordinary citizens.

The main aim was thus to inform and educate journalists, so they are able to report on economic- and bank-related matters in a way that the public can grasp.

With well-seasoned economists and the BoN executive management doing the presentations, it was quite an informative and event.

One of the many presentations that took place over the two-day period was that of Dr Johan van den Heever, the technical expert at BoN.

He spoke about the evolution of central banking and highlighted some of the main duties of BoN.

“As Namibia’s central bank, BoN can be seen as the banker to the government, as well as other commercial banks,” said Van den Heever.

He added that BoN is entrusted with functions such as supporting economic growth and development, the managing and printing of currency and conducting economic research.

“I did not only get a professional advantage, but on a personal level, I felt that so many of my questions finally got answered,” said one of the workshop attendees.

Another one of the many interesting presentations was that of Sam Shivute, the director of banking services at BoN. His presentation covered the management of currency in the country.

One of the topics of discussion was the five cent coin. The minting of this coin was discontinued due to the fact that the cost of production exceeded the actual value that the money has on the streets.

“We do, however, want to remind people that this coin is still legal tender in Namibia, so no one can defer you from purchasing with this coin,” said Shivute

The highlight of the workshop was the closing and networking dinner, which was also attended by the deputy BoN governor Ebson Uanguta. He expressed his gratitude towards the attendees as well as the BoN staff, for their efforts to make the workshop a success. The dinner was held in honour of the workshop attendees and they also had the opportunity to engage on a more social level with some of the presenters and invited editors. The attendees were also awarded completion certificates. Kazembire Zemburuka, the deputy director of corporate communications at BoN, and his team, played a key role in the organisation and smooth running of this event.

“Please go out there and use what you have learned here; make us proud,” Zemburuka said.

Photo Contributed

Similar News


Passionate about business

3 days ago - 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 week ago - 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

2 weeks ago - 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

2 weeks ago - 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...

Being unapologetically you

1 month - 19 July 2019 | Banking

Mariselle Stofberg Adriano Visagie went from playing in the dusty streets of Katutura to becoming a powerhouse in the entertainment industry and has created...

Understanding economic jargon

1 month - 19 July 2019 | Banking

Evany van Wyk This year the annual economic workshop, hosted by the Bank of Namibia (BoN), took place from 8 to 9 July.It hosted 20...

Riding a competitive and dynamic wave

2 months ago - 19 June 2019 | Banking

B7: How would you describe the prevailing business landscape in Namibia?BdP: Looking at the current economic condition and the lack of economic growth drivers in...

A mutual love for kapana

3 months ago - 17 May 2019 | Banking

Ester KamatiThe 2019 edition of the Nedbank Kapana Cook-off was launched on 10 May.The launch was hosted by Matthew Kapofi and included demonstrations by kapana...

Standard Bank: Investing in economic progression

3 months ago - 30 April 2019 | Banking

Standard Bank Namibia is fully committed to boosting investment and job creation through facilitating win-win smart partnerships that speak to managing economic headwinds, delivering on...

No more minting of 5c coins

3 months ago - 24 April 2019 | Banking

The Bank of Namibia (BoN) has discontinued the minting of 5c coins as from the beginning of the year, the central bank said in a...

Latest News

Kärcher Centre Taurus opens its...

20 hours ago | Business

Windhoekers have been in for a treat since the past Saturday when the first fully fledged Kärcher Centre in Southern Africa outside of South Africa...

Defence spends half a billion...

20 hours ago | Economics

The ministry of defence spent about N$491.7 million for three consecutive financial years without the approval of Treasury.This is in direct contravention of the State...

Daily grind

20 hours ago | Labour

Even though most of Namibia's more than 72 000 domestic workers earn above the minimum N$1 502 a month, close to 80% of them say...

Corpses rot in homes

20 hours ago | Health

Unregistered deaths, including infant mortalities, and corpses being left to rot in homes over weekends, are just some of the challenges being faced by the...

Young mom hacked to death

20 hours ago | Crime

A 23-year-old woman was brutally murdered this past Friday in Kavango West, allegedly by her long-time boyfriend, who hacked her to death with an axe...

It was tough - Tomas

20 hours ago | Sports

LIMBA MUPETAMI Namibian long-distance runners Rainhold Tomas and Alina Armas are the winners of the 19th edition of the Old Mutual Victory Race in the...

Uganda, Zambia deny Huawei spying...

20 hours ago | Business

Kampala - Uganda and Zambia on Friday denied a report that employees of Chinese telecom giant Huawei had helped them spy on political opponents.The Wall...

Vetkoek court fight postponed

20 hours ago | Business

Yanna Smith - The High Court matter in which Namib Mills has sued Bokomo Namibia for “dishonest practises in industrial or commercial matters” was postponed...

Import VAT exemption on certain...

20 hours ago | Business

The Namibia Agricultural Union (NAU) approached the department of inland revenue to exempt certain animal feed products by Namibian farmers from import value-added tax (VAT)....

Load More