Repo rate left unchanged
10 Apr 2019 14:10pm
WINDHOEK, 10 APR (NAMPA) - The Monetary Policy Committee of the Bank of Namibia (BoN) has kept the repo rate unchanged at 6,75 per cent.
This was announced by BoN Deputy Governor Ebson Uanguta here on Wednesday.
The repo rate is the cost at which the central bank lends money to commercial banks and an increase or decrease in that rate is most likely to affect the interest rate that commercial banks charge consumers.
The repo rate remained unchanged to continue supporting domestic growth, while maintaining the one-on-one link between the Namibian Dollar and the South African Rand.
The decision was taken following a review of the regional, global and domestic economic development by the Monetary Policy Committee on Tuesday.
Uanguta said keeping the repo rate unchanged makes the cost of capital accessible and affordable to the majority of people, as interest rates remain low.
Namibia has kept the repo rate unchanged at 6,75 per cent for the past two years.
Inflation rates in most monitored Advanced Economies and Emerging Market and Developing Economies edged up slightly during February 2019, Uanguta stated.
Monetary policy stances of key monitored economies were thus left unchanged over the two months, except for India.