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Namibia’s current account recorded surplus during the first quarter of 2019

Namibia’s current account recorded surplus during the first quarter of 2019

The country’s current account recorded a surplus of N$1.1 billion during the first quarter of 2019, from a deficit of N$1 billion in the corresponding quarter of the previous year, according to the Bank of Namibia’s quarterly bulletin.

The surplus was mainly as a result of the significant narrowing in the merchandise trade deficit. This was largely driven by the substantial decline in the values of merchandise imports and, to a lesser extent, the increase in export earnings, the central bank said.

According to the bulletin the stock of foreign reserves held by Bank of Namibia increased due to the impact of the second tranche of the African Development Bank loan, coupled with exchange rate revaluations.

This resulted in an import cover of 5.4 months at the end of the first quarter of 2019.

Meanwhile, the country’s International Investment Position recorded a net liability of N$11.8 billion at the end of the first quarter of 2019, a lower position compared to a year earlier.

According to the bank, the Namibia Dollar depreciated against all major trading currencies due to tighter global financial conditions, financial market volatility, trade wars and Brexit negotiations, as well as sustained uncertainty regarding land expropriation in South Africa.


 

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