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Namibia's foreign reserves dip by 15 percent

Xinhua, August 3, 2016 Adjust font size:

Namibia's foreign reserve levels as of the end of June came in 15 percent lower compared to 24.8 billion Namibian dollars (1.78 billion U.S. dollars) recorded in May 2016, according to Namibia's Central Bank.

Latest data from the Bank of Namibia (BoN), the central bank, revealed the official reserves at the end of June 2016 stood at 21 billion Namibian dollars.

BoN attributed the slowing foreign reserves to an increase in net government payments as well as an increase in foreign currency sales to the commercial banks.

According to the statistics released, total Namibian debt (comprising of domestic and foreign government, corporate and household debt) as of the end of June grew by 30.6 percent year-on-year compared to a growth rate of 16.1 percent recorded in the prior year.

The central bank said the private sector debt also rose 12.1 percent y-o-y compared to 11.1 percent y-o-y recorded during May 2016. Endit