Thursday 16, August 2018 by Jessica Combes

Namibia holds key rate at 6.75 per cent to support economic growth

 

Namibia’s central bank left its benchmark rate unchanged for a sixth consecutive meeting to support economic growth and maintain its currency’s peg with the South African rand.

The southwest African nation’s Monetary Policy Committee maintained its key interest rate at 6.75 per cent Wednesday, Governor Ipumbu Shiimi told reporters in the capital, Windhoek. Last month, its counterpart in South Africa kept its key gauge at 6.5 per cent.

The economy of the world’s biggest producer of marine diamonds is projected to expand 0.6 per cent this year after contracting last year, Shiimi said. While inflation accelerated to 4.5 per cent in July, the highest rate this year, price growth remains within “reasonable levels,” and is not a big concern, he said.

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