The Bank of Namibia has decided to reduce the repo rate by 25 basis points, bringing it to 6.75%.
Johannes !Gawaxab, governor of the central bank, announced this on Wednesday.
!Gawaxab said four out of the six members of the monetary policy committee were in support of the rate cut.
“Policy uncertainty [and] prices still remaining high even though we have seen a fall [in] inflation were some of the reasons the two committee members did not vote for a policy cut,” said !Gawaxab.
This means the rate at which commercial banks lend money to clients – the prime lending rate – will be 10.5%.
“The newly adopted policy stance will continue safeguarding the one link between the Namibia dollar and the South African rand,” said !Gawaxab.
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