Our Star of the Week is Bank of Namibia Governor Iipumbu Shiimi, who presides over the central bank and all its functions and duties. This week the bank announced a reduction of 25 basis points to bring the repo rate down to 6.75 percent. The decision on the rate cut was made by the bank’s Monetary Policy Committee (MPC) to support domestic economic growth, as the reduced repo rate should lead to increased spending resulting from an increase in the disposable incomes of indebted households. The MPC was mindful of the lower inflation rate realised and projected for the Namibian economy, the strong fiscal consolidation drive and the country’s improved international reserve position.
New Era Reporter
2017-08-18 10:42:32 1 years ago