Central bank increases repo-rate to 4.75%

The repo rate has been increased by 50 basis points to 4.75%, the Bank of Namibia, governor, Johannes !Gawaxab announced Wednesday.

The decision was taken with due consideration of the persistent inflationary pressures and is deemed appropriate to safeguard the one-to-one link between the Namibia Dollar and the South African Rand while meeting the country’s international financial obligations, !Gawaxab said in a statement.

Furthermore, the Monetary Policy Committee’s decision was taken following a review of global, regional and domestic economic developments, he added.

The new repo rate is now back on par with South Africa which is also pegged at 4.75 %.

---