BoN records increase in international reserves
03 Apr 2018 14:50pm
WINDHOEK, 03 APR (NAMPA) The Bank of Namibia (BoN) recorded about N.dollars 30.2 billion in international reserves at the end of 2017, which remained sufficient to sustain the currency peg to the South African Rand.
Presenting the reserve banks 2017 Annual Report here last week, BoN Governor Iipumbu Shiimi said the level of international reserves rose by 22,1 per cent, which is 6.5 times the currency in circulation. This supports the adequacy of reserves required to maintain the currency peg to the Rand.
Shiimi said this level of reserves resulted in an improved import cover of 4.6 months in 2017, from 3.2 months in 2016 and was above the international benchmark of 3.0 months.
The Namibian Dollar also appreciated against all major currencies in 2017, largely due to base effects and improved sentiment towards emerging markets and developing economies.
The Namibia Dollar strengthened by 9,2 per cent against the United States Dollar; 12,8 per cent against the British Pound and 7 per cent against the Euro.