Bank of Namibia targets 600 kilogrammes of local gold
By the AFREEQUE newsroom, based on Windhoek Observer
The Bank of Namibia wants to raise its gold purchases from local mining companies to 600 kilogrammes, from 425 kilogrammes already accumulated. The strategy aims to diversify foreign exchange reserves, which stood at 59.3 billion Namibian dollars at the end of September, according to deputy governor Nicholas Mukasa, quoted by the Windhoek Observer.
The Bank of Namibia wants to buy 600 kilogrammes of gold from local mining companies under its gold accumulation programme. The central bank has already acquired 425 kilogrammes, its deputy governor Nicholas Mukasa said, quoted by the Windhoek Observer.
According to Nicholas Mukasa, gold purchases have made a significant contribution to the increase in foreign exchange reserves and allow the central bank to diversify its assets. Namibia’s international reserves reached 59.3 billion Namibian dollars at the end of September, compared with 58 billion at the end of July, representing an estimated 3.6 months of import cover.
The gold accumulation strategy was launched last year to diversify foreign exchange reserves and strengthen economic stability amid global uncertainty. The Bank of Namibia raised its policy rate by 25 basis points to 7% on Wednesday, citing in particular rising commodity prices and tensions in the Middle East, according to the Windhoek Observer.
The central bank considers the reserves sufficient to support the peg of the Namibian currency and meet the country’s international financial obligations. The Bank of Namibia raises its policy rate to 7% was announced on 28 October 2026, alongside the strengthening of the gold strategy.
