Staff Writer
The Bank of Namibia has increased the repo rate by 25 basis points to 7% to bring the prime rate to 10.50%.
This follows a meeting of the Monetary Policy Committee (MPC) of the Bank of Namibia this week to decide on the appropriate monetary policy stance for the next two months.
Governor, Ebson Uanguta said guided by a comprehensive assessment of the latest economic data and with a view to continue safeguarding the peg between the Namibia Dollar and the South African Rand, the MPC unanimously decided to increase the repo rate by 25 basis points to 7%
“Furthermore, in determining the appropriate monetary policy stance, the MPC considered the need to reduce the interest rate gap between Namibia and the anchor country to stem potential capital outflows and safeguard the stock of international reserves,” said Uanguta.
The next MPC meeting will be convened on 7 and 8 December.
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