14
Jul
The Bank of Namibia’s stock of international reserves decreased in May, according to Bank of Namibia statistics. The stock of international reserves decreased to N$49.7 billion in May relative to the N$51.8 billion at the end of April. The decrease was on account of net commercial bank outflows as a result of portfolio investment and import payments. The central bank said the foreign reserves translated into 5.2 months of import cover at this level remaining above the international benchmark and adequate to support the currency peg between the Namibia Dollar and the South African Rand. The bank said the overall…