Before I conclude, Director of Ceremonies, kindly permit me the opportunity to inform the audience that in 2010, the Payment System Management Amendment Act was promulgated giving the Bank the mandate and authority to regulate bank fees and charges where necessary. Thus, the Act enables the Bank of Namibia to set standards to protect consumers from being exploited through exorbitant fees and charges.
All these developments resulted in a decline in pre-emption of resources from the banking system from a peak of 63 per cent in 1992 to 35 per cent by 1997. The Narsimham Committee (1998), however, noted that the money market continued to remain lopsided, thin and volatile and the Reserve Bank also had no effective presence in the market.