The Bank of Namibia’s Monetary Policy Committee cut the repo rate by 25 basis points to 6.5%, widening the interest rate spread with South Africa to 50 basis points.
This decision considered weaker domestic economic activity, with real gross domestic product growth slowing to 1.6% year on year, the lowest since the pandemic, as well as cooling inflation and a favourable medium-term outlook.
While foreign reserves face pressure ahead of the Eurobond redemption, the bank notes that adequate preparation has ensured reserve adequacy remains intact.
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