BoN to Pay State N$ 9,7 Million in Dividends

The Bank of Namibia (BoN) will pay N$9,7 million into the State Revenue Fund during the 20142015 financial year.

BoN governor Iipumbu Shiimi revealed when he launched the 2013 Annual Report last week that despite the global economic uncertainty, coupled with the low interest rate environment which affected the bank’s revenue, the Central Bank will contribute the money, which is lower than the N$25 million paid in 2012.

Shiimi said last year was a difficult year for the bank as the market was unstable, as unstable prices and assets kept on changing.

He also attributed the decline to the global economic uncertainty, coupled with a low interest rates’ environment.

“Although we were confronted with a sluggish global economic environment and while we are not a profit-oriented institution, we managed to make profit and share with the State Revenue Fund,” he said.

The economy is expected to grow by 5,3% in 2014, Shiimi said. In 2013, the economy grew by 4,4%, and the main contributors to this performance were mining and the tertiary and secondary industries.

Shiimi also indicated that although 5,3% growth is good for Namibia, it is still not sufficient.

“We need to create more employment and reduce poverty and income inequality. We need to see more growth from sectors such as agriculture, tourism, logistics and housing. If we get growth from these sectors we will see more people absolved in the labour force,” he said.

Source : The Namibian