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Namibia central bank maintains repo rate at 7 percent

Xinhua, August 17, 2016 Adjust font size:

The Bank of Namibia (BoN), the central bank, left the rate at which the bank lends money to commercial banks, the repo rate, unchanged at 7 percent on Wednesday.

BoN Deputy Governor Ebson Uanguta said the decision is necessary to continue supporting the country's economic growth, particularly in light of slow and fragile recovery in the economies of Namibia's trading partners.

Uanguta said the domestic economy slowed during the first six months of 2016 when compared to the same period in 2015.

"This was due to slow growth in the mining sector, particularly in the production of diamonds and zinc concentrate. Reduced activities in the manufacturing, transport, construction and agricultural sectors over the same period also contributed to this weaker performance," he added.

Going forward, he said growth is expected to be positive, however, risks remain, which include commodity prices, volatile exchange rate and the prevailing drought conditions.

Meanwhile, Namibia's annual inflation rate rose to 7 percent in July and the main drivers were increases in the inflation rates for the categories including food and non alcoholic beverages, housing, water, electricity, gas and other fuels.

The deputy governor said annual inflation is projected to increase, but remain within acceptable levels for the remainder of the year. Endit