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Interest rates to stay put – repo rate maintained at 6.75%

Interest rates to stay put – repo rate maintained at 6.75%

The Bank of Namibia maintained the repo rate unchanged at 6.75%, Governor of the Bank, Iipumbu Shiimi said on Wednesday.

The Monetary Policy Committee took the decision following a review of global, regional and domestic economic and financial developments.

“This level is deemed appropriate to continue supporting domestic economic growth, while maintaining the one-to-one link between the Namibian Dollar and the South African Rand,” Shiimi added.

Furthermore, the Central bank stated that the domestic economy improved during the first eight months of 2017, relative to 2016, although overall growth remained weak. Mining and agriculture remain the driving sectors of the local economy.

Meanwhile, as of the end of September, the stock of international reserves improved (N$31.5 billion), while in the first nine months of 2017 inflation averaged 6.5%, the same rate recorded during the corresponding period in 2016.


 

 

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