WINDHOEK, Oct. 23 (Xinhua) -- Namibia's central bank held its repo rate untouched at 6.50 percent to support the domestic economy, the bank's governor Iipumbu Shiimi said Wednesday.
The central bank said the move is appropriate as it maintains the one-to-one link between the Namibia dollar and the South African rand.
"Inflation continues to be manageable and well contained and for the year 2019 we expect inflation to average around 3.9 percent," he said, adding that the level of foreign reserves remains sufficient to support the currency peg as well as support international obligations.
Meanwhile, delivering the Mid-Term budget review policy statement for 2019/20 delivered on Tuesday, finance minister Calle Schlettwein said the economy is projected to gradually emerge from recession in 2020 with a moderate growth rate of about 0.8 percent and about 1.3 percent by 2021, averaging 2 percent over the next Medium Term Expenditure Framework.
The next rate announcement will take place on Dec. 4.
