The Bank of Namibia (BoN) this morning kept its repo rate unchanged at 6.75%.
This means the prime interest rates of local commercial banks will remain 10.5%.
Speaking at the monetary policy announcement, BoN governor Ipumbu Shiimi said the Namibian economy slowed during the first four months of 2019 compared to the same period last year.
The slowdown was reflected in sectors such as mining, agriculture, construction, as well as wholesale and retail trade, Shiimi said. Manufacturing, tourism and the electricity sectors also took a knock.
Shiimi said the domestic economy is projected to remain “weak” this year.