Friday, October 28, 2011

Bank of Namibia Keeps Interest Rate at 6.00%

The Bank of Namibia kept its benchmark interest rate, the repurchase rate, unchanged at 6.00%, for the 5th consecutive meeting.  Bank of Namibia Governor Ipumbu Shiimi said: "With the opportunity provided by the benign inflation outlook, the MPC decided to keep the repo rate unchanged at 6.0 percent to support domestic growth in the face of the prevailing global uncertainty,"

The Namibian central bank also held its interest rate unchanged at its August meeting, after dropping the rate 75 basis points in December last year.  Namibia reported annual inflation of 5.3% in September, compared to 5.4% the previous month, 4.8% in July, 5.4% in June, 5.2% in May, and 4.8% in April.  Namibia's currency is fixed against neighboring South Africa's rand (ZAR), thus the Namibian central bank tends to follow the monetary policy decisions of the South African Reserve Bank.


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