(Bloomberg) -- Namibian President Hage Geingob reappointed Johannes !Gawaxab as the country’s central bank governor.

!Gawaxab, a former Old Mutual Ltd. executive, has been governor since June 1 2020, when he completed the remainder of the term of his predecessor Ipumbu Shiimi, who was appointed as finance minister in March the same year. 

!Gawaxab”s five year term will start Jan. 1, state press secretary Alfredo Hengari confirmed on Thursday. 

Before his appointment to the central bank, the economist spent more than 16 years with the Cape Town-based financial services company, and headed its African operations outside South Africa until March 2015, according to his LinkedIn profile. 

For the bulk of his career at the central bank, !Gawaxab has kept the key interest rate at a record low of 3.75%, as the monetary policy committee seeks to shore up an economy recovering from a coronavirus-induced recession.  

The governor, in the Bank of Namibia’s strategic plan for the next three years, said the bank is seeking to position itself as a driver of digital transformation, financial inclusion and economic growth.

This could aid the bank in delivering a stronger all-round performance as part of fulfilling its core mandate of price and financial stability, !Gawaxab said.

On Wednesday, !Gawaxab will announce the outcome of the central bank’s next interest rate decision. The nation, which forms part of a common monetary area with South Africa, may follow its neighbor’s central bank and raise its rate by 25 basis points. That’s as it seeks to safeguard its currency peg with the rand and ensure its economy doesn’t miss out on foreign investors seeking higher yields.

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