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Bank of Namibia to announce monetary policy Wednesday

Bank of Namibia Governor Johannes !Gawaxab will announce the decisions made by the Monetary Policy Committee on Wednesday.

This cut, Salomo Hei said will be to further ease the burden on households and business. 

Hei also said there is an emerging global view that the interest rate cuts are a blunt instrument to deal with the current pandemic.

On the inflation rate, Hei pointed out that the April inflation rate which is 1.6% is the lowest it has been in a decade. 

The economist projects that inflation will peak at 3% for 2020.

Namibia Statistics Agency announced last week that during May 2020 the annual inflation slowed to 2.1%.

Hei also anticipates that the full effect of COVID-19 measures on the economy will be felt in the quarter and therefore projects a further downward outlook with a double-digit contraction. 

Deputy governor Ebson Uanguta in April also announced that the central bank had reduced the cost of money by 100 basis points from 5,25% to 4,25%.

So far, the Bank of Namibia has cut the interest rate 225 basis points since the beginning of the year.

Wonder Guchu

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