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.

Home » Repo rate reduced to 6.5 percent

Repo rate reduced to 6.5 percent

Since June 2019, global economic growth continued to moderate with slow inflation rates in both advanced and developing economies. With the exception of the US where inflation rates declined, these rates remained unchanged in most advance economies and central banks in the US, Brazil, Russia, India and South Africa cut their policy rates in line with global economic and financial developments.

In Namibia, the average inflation rate declined to 4.4 percent from its highest level of 5.6 percent recorded in November 2018. On a monthly basis, inflation declined from 4.1 percent in May to 3.9 percent in June 2019. Overall inflation is projected to average 4.3 percent in 2019.

The next meeting of the MPC will be held on 22 October 2019.

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