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Namibia retains repo rate at 7 pct

Xinhua, June 15, 2016 Adjust font size:

Namibia's Central Bank (BoN), left the repo rate unchanged at 7 percent, which follows a recent similar stance witnessed in South Africa.

The Governor of the BoN, Ipumbu Shiimi, on Wednesday said, "the decision was necessary to continue supporting the country's economic growth, particularly in the light of slow and fragile recovery in the economies of Namibia's trading partners."

Shiimi said that the domestic economy registered satisfactory performance during the first four months of 2016, mainly driven by solid sector growth.

"The annual inflation rate continued to rise, but remained manageable. Growth in the Private Sector Credit Extension (PSCE) slowed, while the level of international reserves remained sufficient," he added.

Furthermore, Shiimi said going forward, growth is expected to continue on a positive note, but of concern, he said, risks remain and include the slowdown in economies of the country's trading partners, soft commodity prices, volatile exchange rate and effects of the drought conditions. Enditem