The Bank of Namibia (BoN) has been awarded a Transparency Award after emerging as the overall winner in that category, for its efforts in broadening the reach and depth of its monetary policy communications and enhancing transparency in the execution of its price stability mandate.
The prize, won at the annual Central Banking Awards, will be presented at a ceremony in London on 12 June 2024. The annual awards are organized by Central Banking Publications, with the aim of celebrating outstanding performance in the Central Banking community.
“I am deeply honored to accept this prestigious award on behalf of the Bank of Namibia. It serves as a testament to our unwavering commitment to transparency and stakeholder engagement in safeguarding price stability. Through our Strategic Plan (2022-2024), we have prioritized expanding the reach and depth of our interactions, ensuring that every decision we make is communicated clearly and comprehensively,” said BoN Governor Johannes !Gawaxab.
“Granted solely on merit through a competitive selection process, the award reflects the Bank’s exemplary efforts surrounding monetary policy communication which have garnered international recognition and serve as a testament to the Bank’s commitment to becoming a future-fit and competitive central bank on the global stage.”
In addition, !Gawaxab said, promoting transparency not only ensures accountability for policy decisions but also offers clarity regarding BoN’s objectives, strategies, and decision-making processes.
“Moreover, transparency strengthens the credibility of the Bank. When the public understands the central bank’s objectives and trusts its dedication to achieving them, it can anchor inflation expectations and stabilize financial markets. Whereas office use only or general operation with openness fosters confidence in the financial system,” he said.
“By providing clear insights into our actions, investors and market participants can better comprehend our interventions, thereby reducing uncertainty and mitigating market volatility. This award reaffirms our resolve to uphold the highest standards of transparency and accountability as we continue to navigate the complex landscape of monetary policy.”
