Namibia: Liquidity Levels of the Banking Industry Improve to N$4.8 Billion During September

The liquidity position of commercial banks improved from N$ 4.4 billion to N$ 4.8 billion at the end of September, according to the central bank's statistics.

The Bank of Namibia (BoN) reported that this increased balance was mainly driven by an increase in diamond sales during the month under review.

According to the bank on an annual basis, growth in mortgage credit remained at 7.2% at the end of September 2018, similar to August 2018.

BoN said that the steady growth was supported by mortgage loans extended to the business sector, specifically for the purposes of commercial property developments.

Meanwhile the central bank said the stock of international reserves stood at N$32.5 billion at the end of September compared to N$32.2 billion at the end of August 2018.

BoN explained that the slightly higher level of reserves was due to inflows from foreign currency deposits by commercial banks, some of which was related to the proceeds of diamond exports.

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