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Namibia's foreign reserves remain sufficient: central bank

Xinhua, December 7, 2016 Adjust font size:

Namibia's stock of international reserves remains sufficient to meet the country's foreign obligations, according to the central bank, Bank of Namibia (BoN).

Announcing this on Wednesday at an event held in Windhoek, BoN Governor Ipumbu Shiimi said, the stock of international reserves stood at 1.85 billion U.S. dollars, up from 1.67 billion U.S. dollars recorded at the last Monetary Policy committee (MPC) statement.

"At this level, the stock of international reserves was estimated to be about 3.3 months of import cover, higher than 2.9 months reported previously," he added.

Shimii said the reserves increased due to the repayment from Angola, from the currency conversion agreement in which Angola owed Namibia.

According to Shiimi, Angola has been able to comply with the repayment schedule and up to date has managed to pay 80 million U.S. dollars.

Furthermore, Shiimi said the reserves were also boosted by the assert swap agreement with the Government Institutions Pension Fund (GIPF) and Nampower which saw around 658 million U.S. dollars being secured.

Meanwhile, at the event, Shiimi said that the central bank kept the Repo rate at 7 percent and this rate was appropriate to support growth, while maintaining the one to one link between the Namibia dollar and the South African Rand. Endit