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Foreign reserves dip slightly in May

Foreign reserves dip slightly in May

The level of international reserves decreased to N$34.1 billion at the end of May from N$34.2 billion recorded in the previous month, the central bank recorded.

The central bank attributes the decline mainly due to net capital outflows of foreign currency through commercial banks, coupled with net government payments during the month under review.

Regarding the money supply, broad money supply growth increased to 11.7% y-o-y in May 2019 from 9.9% y-o-y in the previous month. According to the central bank, the higher broad money supply growth rate stemmed from an increase in both net foreign assets and domestic claims, particularly claims on the private sector in the form of loans.

“On the bright side, inflows from multilateral loans will continue to buttress foreign exchange stocks this year. While the broad pickup in monetary and credit aggregates in April and May is welcome, a more sustained uptrend is needed to suggest that the overall economy is recovering,” Head of Research at PSG Konsult, Eloise du Plessis said.

Du Plessis further noted that export growth is expected to moderate this year due to the global economic slowdown and lower diamond production.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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