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Repo rate reduced to 6.25 percent
On 19 February, 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 6.25 percent. The decision was made to support domestic economic activity and to maintain the one-to-one link between the Namibian Dollar and the South African Rand.
Repo rate reduced to 6.25 percent
Compared to 2018, global economic growth is estimated to have slowed in 2019. Since the previous MPC meeting, inflation rates in most key monitored economies remained well contained, while monetary policy stances were left unchanged with the exception of Brazil, Russia and South Africa that eased their rates. In Namibia, the average inflation for 2019 declined to 3.7 percent from 4.3 percent in 2018. The decrease was mainly on account of declining housing and transport inflation. On a monthly basis the overall inflation rate further declined from 2.6 percent to 2.1 percent in January 2020. Going forward, overall inflation is projected to average below 5 percent in 2020. The next meeting of the MPC will be held on 14 April 2020.
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