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

 

SME Bank: Money laundering exposed

1 week ago - 02 October 2019 | Banking

A company called Omulunga Capital Investments CC, of which Zimbabwean Cosmas Mushininga is the sole director, was placed under provisional liquidation by the High Court...

Money transfers a tedious exercise

2 weeks ago - 27 September 2019 | Banking

Since Monday this week, cross-border electronic fund transfers (EFTs) are being more closely controlled and restricted. Contrary to an earlier statement by the Bankers Association...

Iipumbu paid for his Porsche

2 weeks ago - 26 September 2019 | Banking

On September 12, Namibian Sun reported on a N$4.8 million claim by Agribank against its former CEO, Leonard Iipumbu, for unpaid loans against farmland, as...

46 000 jobs through Agribank

2 weeks ago - 26 September 2019 | Banking

ELLANIE SMIT Agribank has created or maintained 46 816 direct jobs in the agriculture sector during the...

Chasing seamlessly integrated offerings

2 weeks ago - 25 September 2019 | Banking

B7: Give us the 101 on Biniam Ghirmatsion, the person and the professional.BG: I was born and raised in Asmara, the capital city of Eritrea,...

Kamushinda fights on

4 weeks ago - 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

1 month - 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

1 month - 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

1 month - 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

1 month - 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...

Latest News

Amupanda KOs Doeseb

23 hours ago | Sports

JESSE JACKSON KAURAISA - Namibian public figures had a chance to stretch their muscles after participating in the MTC Knockout Project at the Windhoek...

TransNamib gets N$2.5bn

23 hours ago | Transport

TransNamib CEO Johny Smith says Namibian and southern African development banks have approved funding of N$2.5 billion for the parastatal's ambitious business plan that was...

Crashes cost millions

23 hours ago | Accidents

Injury grants totalling more than N$21 million and funeral grants of N$2.5 million have been paid out by the Motor Vehicle Accident (MVA) Fund in...

Nudo promises welfare state

23 hours ago | Politics

The National Unity Democratic Organisation (Nudo) promised a welfare state when it launched its election manifesto in the Havana informal settlement on Saturday.Addressing a crowd...

Every anti-GBV effort counts

23 hours ago | Opinion

The MTC Knockout Project held over the weekend was a huge success in many ways. Naysayers, spurred on by armchair critics, had a field day...

The Desert Dash is on

23 hours ago | Sports

The 20th edition of the Nedbank Desert Dash is set to take place in the first week of December. The event, which annually attracts...

Pack and leave

23 hours ago | Sports

JESSE JACKSON KAURAISA I am writing this hoping that it will reach those that I believe do not have the interest...

Expired meds limit campaign

23 hours ago | Agriculture

Only some cattle in the northern communal areas will benefit from this year's free lung sickness vaccination.The agriculture ministry would neither confirm nor deny that...

PDM slams LPM's 'blatant lie'

23 hours ago | Politics

The secretary-general of the Popular Democratic Movement (PDM), Manuel Ngaringombe, has denied allegations that the party has struck a deal with Swapo to rig the...

Load More