The Bank of Namibia will extend its financial-relief measures to help mitigate the economic effects of the COVID-19 pandemic.

The bank implemented its Determination on Policy Changes in Response to Economic and Financial Stability Challenges in April last year, in a effort to support households, SMEs and corporates. While initially set for a duration of two years, the determination has been extended by 12 months.

Various amendments have also been instituted, including a revised loan-repayment moratorium and liquidity-relief criteria.

‘The factors that necessitated the amendments include the ongoing macroeconomic strain and the uncertainty surrounding emerging COVID-19 variants and their concomitant impact on the economic activities at large, which continue to delay economic recovery,’ according to Bank of Namibia governor Johannes !Gawaxab.

‘The bank will continue to closely monitor developments and the response of banking institutions to these measures to ensure and maintain a sound monetary and financial system.’

2 November 2021
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