No change in repo rate
Jo-Maré Duddy – The Bank of Namibia (BoN) has left its repo rate unchanged at 3.75%, which means that the prime lending rate of commercial banks in the country will stay at 7.5%.
BoN governor Johannes !Gawaxab this morning said the monetary policy committee (MPC) believes that at 3.75%, the repo rate remains appropriate to support the domestic economic activity while at the same time safeguarding the one-to-one link between the Namibia dollar and the South African rand.
Speaking at the BoN’s last monetary policy announcement of 2020, !Gawaxab said domestic activity in Namibia declined in the first 10 months of the year and is estimated to register an overall contraction in 2020, before an expected modest recovery in 2021.
The BoN released its economic outlook update on Monday, forecasting economic growth of -7.3% this year, followed by 2.6% in 2021 and 3.2% in 2022.
BoN governor Johannes !Gawaxab this morning said the monetary policy committee (MPC) believes that at 3.75%, the repo rate remains appropriate to support the domestic economic activity while at the same time safeguarding the one-to-one link between the Namibia dollar and the South African rand.
Speaking at the BoN’s last monetary policy announcement of 2020, !Gawaxab said domestic activity in Namibia declined in the first 10 months of the year and is estimated to register an overall contraction in 2020, before an expected modest recovery in 2021.
The BoN released its economic outlook update on Monday, forecasting economic growth of -7.3% this year, followed by 2.6% in 2021 and 3.2% in 2022.
Kommentaar
Republikein
Geen kommentaar is op hierdie artikel gelaat nie