BW MD calls for culture of saving

February 1, 2016, 1:19pm

From left: Suta Kavari (EAN), Baronice Hans (Bank Windhoek MD-designate), Minister in Charge of the National Planning Commission, Tom Alweendo, Floris Bergh (Capricorn Asset Managent), Rowland Brown (IJG Securities) and Thinus Prinsloo (MD of Bank Windhoek Holdings), at the EAN/Bank Windhoek Holdings 2016: An Outlook on the Namibian Economy, that took place Friday in Windhoek.  

The Managing Director of Bank Windhoek Holdings, Thinus Prinsloo has urged consumers to save money during uncertain economic times.

At the closing of the 2016 Economic Outlook on the Namibian Economy organised, by the Economics Association of Namibia (EAN) and sponsored by Bank Windhoek Holdings, Prinsloo described the current global economic atmosphere.

“The uncertainty in the global financial markets has led to a lot of anxieties, with many people uncertain about the full impact of these developments on their business as well as on their personal investments and financial wellbeing,” he said.

Prinsloo continued, “In these uncertain times, consumers should be encouraged to be vigilant of the broad-based financial pressures emanating from expected higher interest rates, increases in electricity and water tariffs, and rising inflation.”

To survive in such an environment, Prinsloo stressed the importance of curbing spending and focusing on saving and investing.

He also said the Namibian economy has been supported through both monetary and fiscal policy in recent years, and that due to the rise of technology and interconnectivity, global economies has impacted Namibia’s economy and thus the banking sector.

Thus, he stressed that the 2016 Economic Outlook on the Namibian Economy achieved its goal of providing insight into the key challenges and opportunities facing the Namibian economy, as well as the global macro themes moving markets this year.