Namibian central bank leaves repo rate unchanged at 6.75 pct

WINDHOEK, Dec. 6 (Xinhua) -- The Bank of Namibia, the central bank, left its key lending rate unchanged at 6.75 percent on Wednesday, saying the level was deemed appropriate to continue supporting domestic economic growth while maintaining the one to one link between the Namibian dollar and the South African rand.

Central bank Governor Iipumbu Shiimi told reporters in the capital Windhoek that the domestic economy showed more evidence of weakness during the first 10 months of 2017, adding that contractions were deeper than previously anticipated.

The weak performance was mainly reflected in the construction, wholesale and retail trade as well as transport sectors.

"Other key economic activities such as mining, the number of livestock marketed, communication and manufacturing output, however, improved over the same period," Shiimi said.

The Namibian GDP shrank 1.7 percent year-on-year in the second quarter of 2017, the same pace as in the first quarter. Enditem