Star of this Week: The Monetary Policy Committee (MPC) of the Bank of Namibia (BoN)
Our Star of this Week is the Monetary Policy Committee (MPC) of the Bank of Namibia (BoN) that gave some much needed positive news when it announced the reduction of the repo rate by 25 basis points to 6.50 per cent.
The decision has far-reaching implications for consumers whose bank loans will be marginally affected, thereby providing some relief in prevailing tough economic conditions.
According to Bank of Namibia Governor Iipumbu Shiimi, MPC decided to support domestic economic activity to maintain the one-to-one link between the Namibian dollar and the South African rand.
“The stock of international reserves remained sufficient to support the currency peg,” stated Shiimi.
He also explained that domestic economic activity continued to slow down during the first six months of this year, compared to the corresponding period of 2018.
2019-08-16 07:46:22 7 days ago