Boost for foreign reserves
Namibia’s international reserve position notably increased in December, increasing by N$4.3 billion from the previous month to nearly N$54.9 billion. “The notable increase in reserves is due to greater commercial bank inflows from diamond sales and customer foreign currency placements (CFCs),” Cirrus Capital said. The central government’s net balance at the Bank of Namibia (BoN) increased N$1.7 billion month-on-month to N$3.3 billion. According to Cirrus, this stemmed from an additional N$818.8 million in liabilities and no new claims, after a facility of N$870.7 million was used in last November.
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