I must also stress right at the outset that as a member of the Common Monetary Area (CMA) it is not possible for Namibia to pursue an independent monetary policy. Monetary policy intervention is very much dictated by the monetary policy stance taken by South Africa. Therefore, the use of our RTGS system in monetary policy execution is quite limited.
Nevertheless, the financial infrastructure transformation that Namibia has undertaken and continues to undertake has enabled us to better understand and manage domestic and cross-border payment and liquidity flows and to institute appropriate risk management strategies. Against this background, I will firstly deal with the role of payment systems in monetary policy implementation.