The Bank of Namibia has decided to keep the interest rate on loans unchanged to support the currency peg.
Making the announcement on Wednesday, central bank governor Johannes !Gawaxab said the repo rate will remain as is to support domestic economic activity.
The next announcement is set for December.
“The repo rate will remain at 7,75% to continue to safeguard the peg between the Namibia dollar and the South African rand, while supporting the local economy,” he said.
This result was expected by economists and analysts.
!Gawaxab said inflation rose to 5,4% in September, compared to 4,7% in August, however, it is expected to decrease to 4,8% next year.
“The rising cost of living was mainly driven by higher fuel prices, while the increase in consumer price inflation was driven by food, housing and goods and services” he said.
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