Central Bank maintains Repo Rate at 6.75%
The Bank of Namibia (BoN) on Wednesday announced that it will leave the Repo rate unchanged at 6.75%.
The Bank of Namibia Governor, Ipumbu Shiimi at the Monetary Policy Committee (MPC) announcement in Windhoek said, the current Repo rate level is deemed appropriate to continue supporting domestic economic growth, while maintaining the one-to-one link between the Namibia Dollar and the South African Rand.
According to Shiimi, the decision to leave the Repo rate unchanged was also taken following a review of global, regional and domestic economic and financial developments.
In terms of the inflation the Governor said the annual inflation averaged 6.4% during the first ten months of 2017, compared to 6.6% in the corresponding period in 2016.
“On a monthly basis, however, inflation decelerated to 5.2% in October 2017, from its peak of 8.2 percent in January 2017, mainly driven by lower inflation for food and non-alcoholic beverages” he said.
This rate of inflation is slightly lower than its level of 5.6% in September 2017, he added. Meanwhile, the next meeting of Monetary Policy Committee meeting will be held on 13 February 2018.