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Financial News: Namibia Central Bank Raises Key Rate To 6.25%

Namibia Central Bank Raises Key Rate To 6.25%

10/26/2022 - 11:08:00 (RTTNews)

(RTTNews) - Namibia's central bank lifted its key interest further at its bi-monthly October meeting, ensuring the currency peg with the South African rand as policymakers try to anchor inflation expectations.

The Monetary Policy Committee decided to raise the repo rate by 75 basis points to 5.5 percent from 4.75 percent, after a similar decision was made by the Reserve Bank of South Africa in September.

To maintain the 1:1 peg between the Namibian dollar and the South African rand, the Bank of Namibia normally follows rate decisions made by the South African Reserve Bank.

This was the fifth successive rate hike so far this year. The previous rate hike was a 50 basis point raise in September.

The MPC committee took the decision with due consideration of the persistent inflationary pressures and it was deemed appropriate to safeguard the one-to-one link between the Namibian dollar and the South African rand, while meeting the country's international financial obligations.

The bank said this monetary policy stance was necessary to narrow the current negative real policy interest rate and is consistent with that taken around the globe and in the region with policymakers acting in resolve to slow and eventually reverse the current acceleration in inflation.

Namibia's annual inflation eased to 7.1 percent in September, but remains close to August's more-than five-year high of 7.3 percent.

The overall inflation for this year is now projected to average around 6.1 percent, up from 5.87 percent initially projected during the previous MPC meeting.

The bank said it will continue to monitor the interest rate policies being implemented around the globe and in the region and their potential effects on the domestic economy and will act appropriately, in line with its mandate to ensure price stability in the interest of sustainable economic growth and development of the country.

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