WINDHOEK, May 2 (Xinhua) -- The Namibian central bank on Thursday declared the country's none-banking and banking financial sector sound and resilient amid a challenging financial environment.
Announcing the Namibian Financial Stability Report 2019, Bank of Namibia Deputy Governor Ebson Uanguta said the country's financial sector remains well managed and resilient to global economic challenges.
"The banking sector remains profitable, liquid and well capitalized, notwithstanding further deterioration in asset quality as measured by the none-performing loans ratio. The payment system continues to perform efficiently and effectively," said Uanguta.
However, despite the positive news of better performance, the Bank of Namibia indicated that household and corporate indebtedness increased.
"Household debt increased by 7 percent, up from 6.7 percent in the previous year," Uanguta said.
Uanguta also confirmed that all financial institutions operating in Namibia are well capitalized and in sync with the minimum requirements by the regulators.