News

The Minister of Industrialisation, Trade and SME Development, Hon. Tjekero Tweya, recently approved amendments to the Close Corporations Act of 1988 and the Companies Act of 2004. The amendments are confirmed in Government Gazette number 7032 which states the new regulations will be implemented from 1 November 2019. According to an official press release issued by the Business and Intellectual Property Authority (BIPA) on 12 November 2019, the effective date has been postponed to 1 January 2020.

On the 13th of August, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to cut the Repo rate with 25 basis points to 6.50 percent. The decision was made in line with the domestic economic activity that is projected to remain weak for the remainder of the year. Further substantiating the reduction is the stock of international reserves that stood at N$35,2 billion on 31 July 2019. Compared to the N$ 34,1 billion previously reported, the current amount of international reserves is sufficient to protect the peg of the Namibia Dollar to the South African Rand while meeting Namibia’s international financial obligations.

On the 13th of August, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to cut the Repo rate with 25 basis points to 6.50 percent. The decision was made in line with the domestic economic activity that is projected to remain weak for the remainder of the year. Further substantiating the reduction is the stock of international reserves that stood at N$35,2 billion on 31 July 2019. Compared to the N$ 34,1 billion previously reported, the current amount of international reserves is sufficient to protect the peg of the Namibia Dollar to the South African Rand while meeting Namibia’s international financial obligations.

The current economic headwinds facing Namibia have compelled the Government to introduce several policy reforms to create a more conducive business environment and reduce bureaucratic restrictions. During the economic summit held in Windhoek from 31 July to 1 August, the President’s key note address provided highly anticipated information especially with regards to government’s position on the NEEEB 25% equity requirement and ease of access for doing business in our country (amongst others).