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Repo rate remains unchanged

by Staff reporter

The Monetary Policy Committee (MPC) of the Bank of Namibia has announced that it has maintained the Repo rate unchanged at 6.75 percent.

This level is deemed appropriate to continue supporting domestic economic growth while maintaining the one-to-one link between the Namibian Dollar and the South African Rand.

 Central Bank governor, Iipumbu Shiimi, has said that the domestic economy has showed more evidence of weakness during the first ten months of 2017.

Inflation and growth in Private Sector Credit Extension (PSCE) continued to slow down while the stock of international reserves rose. 

“The weakened performance was mainly reflected in the construction, wholesale and retail trade as well as transport sectors. Other key economic activities such as mining, the number of livestock marketed, communication and manufacturing output however, improved over the same period. The momentum displayed by the latter activities if sustained would create better prospects and help with economic recovery going forward,” he said 

Annual inflation averaged 6.4 % during the first ten months of 2017 compared to 6.6 % in the corresponding period in 2016. 

On a monthly basis however, inflation decelerated to 5.2 % in October 2017 from its peak of 8.2 % in January 2017 mainly driven by lower inflation for food and non-alcoholic beverages. 

This rate of inflation is slightly lower than its level of 5.6 % in September 2017. 

Annual growth in Private Sector Credit Extension (PSCE) slowed during the first ten months of 2017 relative to the corresponding period of 2016.

The average annual growth in PSCE stood at 7.0 % during the review period lower than the 11.8 % recorded over the same period 0f 2016.

The slower growth rate in PSCE is due to reduced growth in credit advanced to both the household and corporate sectors especially in the form of mortgage and installment credit. 

Since the last MPC meeting, growth in PSCE slowed to 5.2 % at the end of October 2017 from 6.2 % reported at the last meeting. The next MPC meeting will be held in February.