WINDHOEK, March 4 — The central banks of Namibia and South Africa on Tuesday signed a revised agreement to bolster financial stability and regional integration.
In a statement released by the Bank of Namibia (BoN), the agreement was signed by BoN Governor Ebson Uanguta and Governor of the South African Reserve Bank Lesetja Kganyago in Pretoria, South Africa.
This revised Memorandum of Understanding (MoU) replaces a previous one from 2015 and addresses current financial cooperation, including changes in supervision, resolution frameworks, and cross-border financial institutions.
Uanguta said that the signing of the MoU reflects the enduring and constructive relationship between the two central banks, rooted in shared history, regional integration, and a common commitment to monetary and financial stability.
“In an increasingly complex global environment marked by digital transformation and emerging risks, regional cooperation is essential to strengthening resilience and safeguarding financial stability,” he added.
Meanwhile, key areas of cooperation outlined in the MoU include strengthening regional integration, coordinating monetary and fiscal policy, promoting financial stability across borders, and building capacity.
The agreement also aims to improve cross-border supervisory coordination and enhance preparedness for financial crises, ultimately protecting depositors and regional financial stability.
The Bank of Namibia said that the MoU does not create legally binding obligations and respects the independence of each institution. (Namibia Daily News / Xinhua)
