The efforts made towards the payment system reform project started to bear fruits after the implementation by the Bank of Namibia of the Namibia Inter-bank Settlement System (NISS) on 10 June 2002. After the settlement system was put in place, there was a need to reform the clearing side of the National Payment System (NPS).
The thing we can take some comfort from, however, is that no-one can accuse us of being Pollyannas because in each case the outcome was slightly better than the forecast. Growth has been stronger, the widening in the current account deficit smaller and, at the margin, the rise in inflation slightly smaller than we had expected.