Bank of Namibia takes over government-owned commercial bank

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Namibian dollar bills

The Bank of Namibia has taken over the management of government-founded commercial bank SME Bank, removing the chief executive and other senior managers in the process.

In a statement published on March 1, governor Ipumbu Shiimi said "certain investments" made by SME Bank did not conform to sound "investment principles".

SME Bank was founded by the government of Namibia following the dissolution of the Small Business Credit Guarantee Trust. It is a fully licensed commercial bank that provides

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