Business

The Bank of Namibia’s Monetary Policy Committee (MPC) yesterday further reduced the Repo rate from 4.25% to a historic low of 4.00%. This latest reduction translates into a cumulative 2.50%-point reduction in the Repo rate since the beginning of 2020. 

Due to public demand and the effects of Covid-19, the Ministry of Finance has extended the deadline of submitting the annual Individual Income tax returns from 30 June to 30 September 2020.

The International Monetary Fund’s latest Global Financial Stability Report indicates that financial systems have already felt a dramatic impact during the Covid-19 crisis.

Namibia Post Limited (NamPost) and the French Development Agency (Agence Française de Développement (AFD) yesterday finalised a N$235 million loan facility to finance the growth of NamPost’s microfinance business through its PostFin subsidiary.

Despite more than 100 retrenched Hilton Hotel workers claiming they were frustrated by the refusal of the hotel to pay their final pay and severance packages, general manager Martin Voskamp yesterday said all workers have received what is due to them.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) is calling on the public to provide input to the Consumer Credit Policy, which would ultimately guide the development of the country’s Consumer Credit Bill.

Victor Ashikoto has taken on a new role as the chief operating officer (COO) of Nedbank.

Like any other country in the world, Namibia is also dealing with the outbreak of Covid-19 and trying to alleviate what has become a pandemic. 

The prevalence of Covid-19 has intensified numerous challenges for Namibians trying to earn a decent living and has exacerbated the vulnerability of key economic sectors, small and medium enterprises, as well as the informal economy. 

FirstRand Namibia HOPE (Health Optimisation in a Pandemic Emergency) Fund recently donated 15 fever screening thermal cameras to the value of N$1.4 million to the Ministry of Health and Social Services to strengthen government’s efforts of detecting any early infections, thereby taking speedy protective measures.