By: David Shoombe
The Bank of Namibia announced an increase in the repo rate from 6.50% to 6.75%, noting how the Namibian economy had been adversely affected by global economic uncertainty arising from the conflict in the Middle East.
Presenting the monetary policy statement, Bank of Namibia governor Ebson Uanguta stated that the Monetary Policy Committee’s decision, was made “to continue safeguarding the peg between the Namibia Dollar and the South African Rand”
Uanguta went on to mention that Namibia’s domestic economic activities remained weak in the first four months of the year. He added that although there was growth reported in the private sector’s credit extension, it remained subdued.
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