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Namibia’s Apex bank keeps Repo rate at 6.75 percent

The Bank of Namibia (BoN) left the Repo rate unchanged at 6.75%, the central banks Deputy Governor Ebson Uanguta announced on Wednesday.The decision taken during the bi-monthly meeting of the bank’s monitory policy committee on Tuesday, was made to support the domestic economy, while maintaining the one-to-one link between the Namibian dollar and the South African rand, Uanguta said.

He said by keeping the repo rate unchanged to makes the cost of capital accessible and affordable to the majority of citizen. The Bank of Namibia has kept the repo rate unchanged for the past two years.

“Domestic economy activity slowed during the first two months of 2019 compared to the same period in 2018. The slowdown in the activity was reflected in the sectors such as mining, agriculture and construction.

“Other sectors including transport and communication, wholesale and retail as well as manufacturing improved during the same period. Going forward, the domestic economy is projected to record a marginally positive growth rate in 2019,” said the deputy BoN governor.

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