Rising interest rates putting squeeze on economy

Tujoromajo Kasuto Analysts expect interest rates going up by another 100 basis points or one percent before the end of the year sending home and vehicle repayments through the roof. The Bank of Namibia (BoN) is expected to raise it repo rate that will hike the interest rates from 9.5% and 10.5% to 10.5% and 11.5% respectively by the fourth quarter of 2022. According to Simonis Storm economist, Theo Klein this would place indebted households and corporates in a worse financial position given that mortgages constitute the largest component total household and corporate debt. He added that also corporates battling…