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Understanding economic jargon

Evany van Wyk



This year the annual economic workshop, hosted by the Bank of Namibia (BoN), took place from 8 to 9 July.

It hosted 20 reporters and media students from the capital.

Jargon is special words or expressions used by a profession or group that is difficult for others to understand and this is what BoN wanted to highlight.

Economic and banking terms are often not understood by ordinary citizens.

The main aim was thus to inform and educate journalists, so they are able to report on economic- and bank-related matters in a way that the public can grasp.

With well-seasoned economists and the BoN executive management doing the presentations, it was quite an informative and event.

One of the many presentations that took place over the two-day period was that of Dr Johan van den Heever, the technical expert at BoN.

He spoke about the evolution of central banking and highlighted some of the main duties of BoN.

“As Namibia’s central bank, BoN can be seen as the banker to the government, as well as other commercial banks,” said Van den Heever.

He added that BoN is entrusted with functions such as supporting economic growth and development, the managing and printing of currency and conducting economic research.

“I did not only get a professional advantage, but on a personal level, I felt that so many of my questions finally got answered,” said one of the workshop attendees.

Another one of the many interesting presentations was that of Sam Shivute, the director of banking services at BoN. His presentation covered the management of currency in the country.

One of the topics of discussion was the five cent coin. The minting of this coin was discontinued due to the fact that the cost of production exceeded the actual value that the money has on the streets.

“We do, however, want to remind people that this coin is still legal tender in Namibia, so no one can defer you from purchasing with this coin,” said Shivute

The highlight of the workshop was the closing and networking dinner, which was also attended by the deputy BoN governor Ebson Uanguta. He expressed his gratitude towards the attendees as well as the BoN staff, for their efforts to make the workshop a success. The dinner was held in honour of the workshop attendees and they also had the opportunity to engage on a more social level with some of the presenters and invited editors. The attendees were also awarded completion certificates. Kazembire Zemburuka, the deputy director of corporate communications at BoN, and his team, played a key role in the organisation and smooth running of this event.

“Please go out there and use what you have learned here; make us proud,” Zemburuka said.

Photo Contributed