Historic interest rates drop more

Historic interest rates drop more The deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, has announced that the repo rate of the central bank will decrease by another 25 basis points to 4.0% - the lowest the in history of Namibia.
Uanguta stood in for the new governor of the BoN, Johannes !Gawaxab, who started at the beginning of June.
The Monetary Policy Committee (MPC) of the BoN believes that “at this level the rate is appropriate to continue supporting domestic economic activity while at the same time safeguarding the one-to-one link between the Namibia dollar and the South Africa rand”, Uanguta said.
Domestic economic activity declined during the first four months of the year, compared to the same period in 2019, he said.
“The contraction was widespread among sectors, including the mining, manufacturing wholesale and retail trade, transport and tourism sectors,” Uanguta said.
He said the economy is projected to further contract in 2020.
Read the full report tomorrow in Market Watch.