Namibia's central bank cuts repo rate to historic low 4 pct

Source: Xinhua| 2020-06-17 17:42:22|Editor: huaxia

WINDHOEK, June 17 (Xinhua) -- Namibia's central bank has decided to cut the repo rate by 25 basis points, from 4.25 percent, to a historically low level of 4 percent.

The move is to continue supporting domestic economic activity while safeguarding the one-to-one link between the Namibia dollar and the South African rand, Ebson Uanguta, deputy governor of the Bank of Namibia, said on Wednesday.

Namibia's new repo rate is now 25 basis points more than that of South Africa, which is at 3.75 percent.

Meanwhile, according to the Namibian statistics agency, in May 2020, the country's annual inflation rate slowed to 2.1 percent, down from 4.1 percent of a year ago. Enditem