Determination on policy changes in response to economic and financial stability challenges, following the fallout of the COVID-19 Pandemic (BID-33)
Repealed
This General Notice was repealed on 2021-10-20 by Determination on Policy Changes in Response to Economic and Financial Stability Challenges as a Result of the COVID-19 Pandemic (BID-33)..

Banking Institutions Act, 1998
Determination on policy changes in response to economic and financial stability challenges, following the fallout of the COVID-19 Pandemic (BID-33)
General Notice 127 of 2020
- Published in Government Gazette 7166 on 1 April 2020
- Assented to on 30 March 2020
- Commenced on 1 April 2020
- [This is the version of this document from 1 April 2020 and includes any amendments published up to 1 September 2023.]
1. Objective
This Determination is issued to provide policy and regulatory changes amid economic challenges posed by COVID-19 pandemic in Namibia.2. Background
Over the past three years, Namibia was faced with an economic recession, which was aggravated by contractions in the agriculture, construction and mining industries. Most recently, the outbreak of the COVID-19 pandemic has had a major impact on the global economy resulting in a slowdown in economic activity worldwide and major disruptions in the global supply chains.The effect of the current state of the local and global economy put financial strain on local industries, corporates, small businesses and individuals, and ultimately on banking institutions that have exposures to affected sectors and individuals. In consideration of the adverse effect of the drought and COVID-19 and to mitigate the long-term impact thereof on the banking sector, the Bank devised strategies to provide some relief to the banking institutions and their customers. Therefore, the Bank resolved 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.The regulatory changes are explained hereunder and are valid for a period of two (2) years, or until revoked in writing by the Bank.3. Policy and regulatory changes
4. Effective date
This Determination comes into effect on the date of the publication in the Gazette.Questions relating to this Determination should be addressed to:Director: Romeo NelBanking Supervision DepartmentBank of NamibiaTel: +264 61 283 5040/1History of this document
01 April 2020 this version
Commenced
30 March 2020
Assented to