The Bank of Namibia has decided to cut the repo rate by 0.25%, bringing it to 7% from 7.25%
Governor of the central bank, Johannes !Gawaxab, says the decision was unanimous.
“To continue supporting the domestic economy while safeguarding the Namibian dollar to the South African rand, the monetary policy committee unanimously decided to reduce the policy rate by 25 basis points,” says !Gawaxab.
According to him, economic activity continued to grow in the first 10 months, although there has been a decline in the diamond and crop production subsectors.
“The growth was driven by the mining, electricity generation, wholesale and retail trade, tourism, communication and transport sectors and the livestock marketing subsector,” says !Gawaxab.
However, the trade deficit has continued to widen.
The next monetary policy announcement will be in February.
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