WINDHOEK, April 2 (Xinhua) -- The Bank of Namibia, the central bank, anticipates headline inflation to average around 4.8 percent in 2024, Governor Johannes Gawaxab said Tuesday during the unveiling of the 2023 Annual Report.
Gawaxab said inflation rates dropped from 5.9 percent in 2022 to 4.2 percent in 2023, providing relief to consumers facing economic pressures.
"The Bank of Namibia should not be expected to perform miracles as there are limitations to what monetary policies can achieve," he said, underscoring the necessity of certain policies for the economy's overall health.
Gawaxab also stressed Namibia's financial system's stability and resilience amid global and domestic economic uncertainties, noting the banking sector's robust capitalization and liquidity levels throughout 2023, exceeding prudential requirements.
Additionally, he said that both banking and non-banking financial institutions recorded profitability in 2023, with net interest income significantly contributing to the sector's overall profitability during the year. ■
