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Repo rate increased to 7.00 percent

Wed, 13 April 2016 19:22
by online writer
News Flash

The Monetary Policy committee (MPC) of the Bank of Namibia decided to increase the Repo rate by 25 basis points to 7.00 percent, to align interest rates with that of South Africa and hence sustains the one-to-one link of the Namibia Dollar to the Rand.

"This decisions was necessary to prevent possible capital outflows, which could put pressure on the country’s international reserves. With this increase in the Repo rate, it is expected that deposit-taking institutions will also raise deposit rates by the same margin, thereby encouraging savings", BoN Governor Iipumbu Shiimi said at a press conference this morning.