Bank of Namibia Plans to Boost Gold Holdings to Strengthen Reserves Amid Economic Transformation
17:12 03.05.2025 (Updated: 19:13 03.05.2025)
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Bank of Namibia Plans to Boost Gold Holdings to Strengthen Reserves Amid Economic Transformation Efforts
President Netumbo Nandi-Ndaitwah met with Bank of Namibia (BoN) Governor Johannes Gawaxab for the bank's annual statutory meeting, which focused on recent economic developments and strategic initiatives—including the new gold reserve plan.
Key details on the BoN's gold initiative:
⦁ aims to accumulate gold as part of foreign exchange reserve management;
⦁ gold will make up around 3% of net foreign exchange reserves;
⦁ aligns with global central banking trends, given gold's strategic value;
⦁ aims to hedge against inflation and improve economic resilience during economic shocks.
Namibia's foreign reserves are now around $3.2 billion, down 5.2% in early 2025, the governor said.
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President Netumbo Nandi-Ndaitwah met with Bank of Namibia (BoN) Governor Johannes Gawaxab for the bank's annual statutory meeting, which focused on recent economic developments and strategic initiatives—including the new gold reserve plan.
Key details on the BoN's gold initiative:
⦁ aims to accumulate gold as part of foreign exchange reserve management;
⦁ gold will make up around 3% of net foreign exchange reserves;
⦁ aligns with global central banking trends, given gold's strategic value;
⦁ aims to hedge against inflation and improve economic resilience during economic shocks.
Namibia's foreign reserves are now around $3.2 billion, down 5.2% in early 2025, the governor said.
Subscribe to @sputnik_africa
Sputnik Africa | X
