Chartered Accountants & Auditors
CRVW and Co.
Repo rate reduced to 6.5 percent
On the 13th of August, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to cut the Repo rate with 25 basis points to 6.50 percent. The decision was made in line with the domestic economic activity that is projected to remain weak for the remainder of the year. Further substantiating the reduction is the stock of international reserves that stood at N$35,2 billion on 31 July 2019. Compared to the N$ 34,1 billion previously reported, the current amount of international reserves is sufficient to protect the peg of the Namibia Dollar to the South African Rand while meeting Namibia’s international financial obligations.
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