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Determination on policy changes in response to economic and financial stability challenges, following the fallout of the Covid19 Pandemic (GN 127 of 2020).

Country/Territory
Namibia
Document type
Miscellaneous
Date
2020
Source
FAO, FAOLEX
Original source
Published in Government Gazette no. 7166 on 1 April 2020.
Subject
Agricultural & rural development, General
Keyword
Hazards Agricultural development Financial agricultural measures Credit
Geographical area
Africa, South Atlantic, Southern Africa
Abstract

This Determination of the Deputy Governor of the Bank of Namibia, made under the powers vested in the Bank by virtue of section 71(3) of the Banking Institutions Act, 1998, provides policy and regulatory changes amid economic challenges posed by COVID-19 pandemic in Namibia. Substantially, the Bank resolves to relax certain regulatory requirements to provide relief to banking institutions to deal with impaired loans as well as to continue lending to the real economy and stimulate economic growth. Measures concern credit policy (loan repayment moratorium, writing off of losses) and liquidity relief (minimum liquidity requirements, reduction of capital conservation buffer, new limits for exposures of borrowers) for the banking sector. The measures aim at enhancing lending to the most vulnerable economic sectors.

Full text
English
Website
namiblii.org