Namibia currently holds N$315.8 million in gold reserves, accounting for less than 1% of the country’s N$55.42 billion in total international reserves, according to the latest data released by the Bank of Namibia (BoN).
The central bank said its gold holdings amounted to approximately 0.00429 million fine troy ounces at the end of May 2026.
The modest allocation comes as the BoN continues implementing a strategy to increase its gold holdings as part of efforts to diversify the country’s foreign exchange reserves.
Under the strategy, the apex bank aims to build gold holdings equivalent to around 3% of its net foreign exchange reserves, aligning with global central banking practices where gold is used as a hedge against inflation, currency risk and geopolitical shocks.
In August last year, the central bank announced plans to begin purchasing gold from local producers Navachab Gold Mine and B2Gold. The programme officially commenced in March this year when the BoN signed an agreement with QKR Namibia Navachab Gold Mine to acquire domestically produced gold.
Overall, Namibia’s international reserves stood at N$55.42 billion at the end of May, up from N$51.8 billion at the end of March. The increase was mainly driven by Southern African Customs Union (SACU) receipts, customer foreign currency placements and the acquisition of monetary gold.
“At this level, foreign reserves translated to an estimated import cover of 3.5 months, which is sufficient to support the currency peg and meet the country’s international financial obligations,” the central bank said.
Foreign currency securities remained the largest component of the reserve portfolio, accounting for N$39.46 billion, while N$12.00 billion was held in currency and deposits.
The Bank of Namibia also held N$3.67 billion in Special Drawing Rights (SDRs), while its reserve position at the International Monetary Fund (IMF) stood at N$3.33 million.
Reserve assets remained diversified across currencies, with N$21.88 billion invested in currencies included in the IMF’s SDR basket and N$33.55 billion in other currencies.
The central bank also reported a negative financial derivatives position of N$29.45 million.
On the liabilities side, predetermined foreign currency obligations due within one year included N$1.52 billion in principal repayments by the central government, N$1.29 billion in interest payments and N$3.07 billion in other accounts payable. Contingent foreign currency liabilities amounted to N$842.7 million in principal obligations and approximately N$599.5 million in related interest obligations.
