Bank of Namibia Governor Johannes !Gawaxab says the central bank’s board has approved changes to its organisational structure.
Although details are still sketchy, the changes will take effect on 1 January 2022, entail a series of senior-level staff appointments that are set to be announced soon.
“We are positioning the Bank of Namibia as an agile, competent and flexible institution that discharges its mandate effectively, treats its employees with respect and acts transparently towards the public. We invite our stakeholders to join us on this new journey as we shape the future of the central bank and indeed the economy in which it plays a key role in,” he said during the launch of the Bank’s Strategic Plan to be implemented over the next three years, 2022 – 2024, following a six months review exercise.
The Strategic Plan, according to the Governor, provides a solid platform on how the Bank conducts monetary policy, approaches financial stability and helps drive sustainable economic development, going forward.
“Our operating environment has changed significantly, and our responsibility has expanded in its scope. In this regard, the macro prudential oversight responsibility now resorting in the Bank underlines our central role in the functioning of the financial system. Equally, the Covid-19 pandemic has led to decisions in the policy environment that have long lasting effects, while the stabilising force of the monetary authority during the pandemic was demonstrable and impactful.”
“The Bank shall focus on its statutory mandate, which includes price and financial stability, supervision of banking institutions, payments and settlements, exchange control, provision of banking services to the government, the issuance of coins and notes, foreign reserves management, fiscal advice to the government and macroprudential oversight.”
!Gawaxab said the apex bank undertakes to usher in a digital transformation era, where it intends to automate, modernise and facilitate efficiency utilizing technology, which further acts as an enabler to the strategy.
“Some initiatives include assessing the viability of Central Bank Digital Currencies (CBDCs) and Retail Bonds, and the establishment of an Innovation Hub. The Hub shall promote innovation and creativity in the fintech sector to provide a conducive environment for the incubation of new concepts without stifling start-ups and innovators but doing so in a regulatory responsible manner,” he said.
Planned changes at the central bank come after the Governor last month announced that it had started exploring the establishment of a Central Bank Digital Currency (CDBC) and measures to regulate cryptocurrency.
