Repo rate unchanged

15 Jun 2016 15:00pm
WINDHOEK, 15 JUN (NAMPA) – The central bank has kept the repo rate unchanged at 7 per cent to continue supporting Namibia’s economic growth.
The repo rate refers to the rate at which the central bank lends money to commercial banks such as First National Bank (FNB) of Namibia, Standard Bank Namibia, Bank Windhoek and Nedbank Namibia in the event of any shortfall of funds.
Speaking during a media briefing here on Wednesday, Bank of Namibia (BoN) Governor Ipumbu Shiimi said the decision was taken during the last Monetary Policy Committee (MPC) meeting held on Tuesday.
He said this is in light of slow and fragile recovery in the economies of Namibia's trading partners.
“We are grateful that the repo rate remains unchanged and that the interest rate is now aligned with South Africa,” he said.
Commercial banks' prime lending rate stands at 10,75 per cent while the mortgage lending rate is 11,75 per cent.