Pretoria: The Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have signed a revised Memorandum of Understanding (MoU) aimed at enhancing cross-border cooperation and ensuring financial stability. The signing took place in Pretoria, with BoN Governor Ebson Uanguta and SARB Governor Lesetja Kganyago representing their respective institutions during Uanguta's courtesy visit to the South African central bank.

According to Namibia Press Agency, the revised MoU updates and supersedes the previous agreement concluded on 11 September 2015. It reflects developments within the financial sectors of both countries, acknowledging the interconnectedness of Namibia and South Africa's financial markets and economies. The agreement establishes a formal framework for cooperation in central banking, supervision, regulation, and resolution planning of financial institutions and groups with cross-border operations.

In his remarks, Uanguta emphasized the enduring and constructive relationship shared by the two central banks. He highlighted the importance of regional cooperation in an increasingly complex global environment characterized by digital transformation and emerging risks. Such cooperation, he noted, is essential for strengthening resilience and safeguarding financial stability.

The agreement, as stated, is intended to enhance cross-border supervisory coordination, improve crisis preparedness, and protect depositors in both jurisdictions. It does not, however, create binding legal obligations that might limit the statutory independence of either institution.