Nam worried about gap between imports and exports

19 Jun 2013 09:20
WINDHOEK, 19 JUN (NAMPA) - The Bank of Namibia (BoN) has expressed concern over the widening gap between imports and exports in Namibia.
BoN Governor Ipumbu Shiimi said here on Wednesday during the third monetary policy announcement for the year that Namibia is importing more products than it exports.
The continued widening of the trade deficit may further affect the level of reserves and warrant monitoring, he noted.
Nevertheless, Shiimi said the official international reserves? position remained adequate to protect the fixed currency arrangement, as well as meet other international obligations.
In addition, private sector credit extension continued to experience high growth, while growth in credit extension to both individuals and businesses slowed in April, compared to March 2013.
?Growth in credit extension in the form of mortgage loans remained almost unchanged, and instalment sales increased slightly in April. However, both remain at subdued levels when compared with the same period last year,? he explained.
The BoN Governor further indicated that domestic growth in 2013 is expected to be positive and driven by increased output in the mining, manufacturing and construction industries.