Central bank revenues down

Mr Ipumbu ShiimiThe Governor was recently caught between a rock and a hard place as enquiring minds of the media questioned the declined revenue of Bank of Namibia.
For the overall net income, the bank recorded a 5 year low of N$326 million at the end of 2012 as compared to the staggering N$940 million of 2011. Contribution to state thus only amounted to N$ 25 million as compared to 60 million contribution of the previous financial year. According to the income statement, the bank’s malady is a combination of decreased income coupled with increased expenses. Income generated from interest income and net gains from foreign exchange fell by approximately N$74 and N$538 million respectively. Operating expenses for the bank went up by just over 32 million.
The Honourable Governor Mr Ipumbu Shiimi spoke at the official launch of the bank’s annual report to the general public. This yearly event comprises of an overview of the bank’s operations and affairs, an overview of the banking sector and a general comment of the state of the economy.