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Repo rate reduced to 4.25 percent

Repo rate reduced to 4.25 percent

During a special meeting held on 15 April, the Monetary Policy Committee (MPC) of the Bank of Namibia decided to cut the Repo rate with another 100 basis points to 4.25%. Said decision comes just hours after the South African Reserve Bank also cut the country’s benchmark interest rate by 100 basis points to 4.25% per annum.

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Launch of the Economic Stimulus and Relief Package

Launch of the Economic Stimulus and Relief Package

Namibia’s newly appointed Minister of Finance, Hon. Iipumbu Shiimi, issued the fist official media statement introducing the Economic Stimulus and Relief Package to mitigate the economic impact of COVID-19. As at 1 April 2020, the total Stimulus and Relief Package amounts to N$8.1 billion, comprising of N$5.9 billion in direct support to businesses, households and cash flow acceleration payments for services rendered to Government and N$2.3 billion off-balance sheet Government liabilities.

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Ministry of Finance Media Release – COVID 19 Tax Measures

Ministry of Finance Media Release – COVID 19 Tax Measures

On 31 March, the Chief Public Relations Officer of the Ministry of Finance, Mr. Tonateni Shidhudhu, issued the Ministry’s first official correspondence related to the COVID-19 pandemic and its impact on tax administration. In line with the national measures to prevent and contain the spread of COVID-19, the Ministry will ensure the continuity of essential tax services during the lockdown period.

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Repo rate reduced to 5.25 percent

Repo rate reduced to 5.25 percent

On 20 March, the Monetary Policy Committee (MPC) of the Bank of Namibia called a special meeting considering the recent extra-ordinary events emanating from the COVID-19 pandemic. The MPC cut the Reop rate with 100 basis points to 5.25 percent following a review of the global, regional and domestic economic and financial developments

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