Repo rate unchanged at 6,75 per cent

12 Jun 2019 13:20pm
WINDHOEK, 12 JUN (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 Governor Iipumbu Shiimi 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 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.
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 had an uptick in April 2019, except Russia, South Africa and Angola where it slowed,” Shiimi said.
The monetary policy stances of key monitored economies were thus left unchanged over the two months, except for India and Angola which cut policy rates.