International reserves drop to N$50.6 billion

The Bank of Namibia’s stock of international reserves declined in November by 1.5% month to month to N$50.6 billion, relative to N$51.4 billion in October. The central bank said the decline is attributable to higher commercial bank outflows as a result of a rising import bills. The foreign reserves translated into 5.1 months of import cover, continuing to remain above the international benchmark of three months and adequate to support the Namibia Dollar and the South African Rand currency peg. The central bank said the overall liquidity position of the banking industry decreased at the end of November. The industry’s…