BoN scoops award for transparency
The Bank of Namibia (BoN) was named the overall winner in the transparency category at the annual Central Banking Awards.The BoN was recognised for its efforts in broadening the reach and depth of its monetary policy communications and enhancing transparency in the execution of its price stability mandate, the central bank said in a statement.
“Granted solely on merit through a competitive selection process, the award reflects the Bank's exemplary efforts surrounding monetary policy communication which have garnered international recognition and serve as a testament to the Bank's commitment to becoming a future-fit and competitive central bank on the global stage,” the BoN said.
Credibility
Commenting on the recognition, BoN governor Johannes !Gawaxab, said: “Promoting transparency not only ensures accountability for our policy decisions but also offers clarity regarding our objectives, strategies, and decision-making processes.
“Moreover, transparency strengthens the credibility of the Bank. When the public understands the central bank's objectives and trusts its dedication to achieving them, it can anchor inflation expectations and stabilise financial markets.
“Operating with openness fosters confidence in the financial system. By providing clear insights into our actions, investors and market participants can better comprehend our interventions, thereby reducing uncertainty and mitigating market volatility.”
The award will be presented at a ceremony in London on 12 June this year.