BoN to pay State N$ 9,7m in dividends

28 Mar 2014 10:50am
WINDHOEK, 28 MAR (NAMPA) – The Bank of Namibia (BoN) will pay more than N.dollars 9 million into the State Revenue Fund during the 2014/2015 financial year.
BoN governor Iipumbu Shiimi revealed on Thursday that despite the global economic uncertainty, coupled with the low interest rate environment which affected the bank’s revenue, the Central Bank will contribute N.dollars 9,7 million, which is lower than the N.dollars 25 million paid in 2012.
He made the announcement during the launch of BoN’s annual report for 2013.
Shiimi said last year was a difficult year for the bank as the market was unstable, as unstable prices and assets kept on changing.
He also attributed the decline to the global economic uncertainty, coupled with a low interest rates' environment.
“Although we were confronted with a sluggish global economic environment and while we are not a profit-oriented institution, we managed to make profit and share with the State Revenue Fund,” he beamed.
The report includes the unqualified annual accounts of the Bank as certified by independent auditors; a report of the operations and affairs of the bank; and a report on the state of the economy.
It also includes a section on the activities of banking supervision, which largely focuses on the stability and soundness of Namibia’s banking system.