The Bank of Namibia has set dates for the Monetary Policy Announcements for 2024. The Bank of Namibia’s Monetary Policy Committee (MPC) meets every two months to announce its interest rate decision and the broad direction of monetary policy.
The 2024 Monetary Policy Announcement dates for 2024 are as follows: 14 February, 17 April, 19 June, 14 August, 23 October and 4 December.
Looking back at the monetary decisions the bank made last year, February saw the MPC deciding to increase the repo rate by 25 basis points to 7%. The increase in the repo rate effectively brought the prime lending rate to 10.75%. The decision was taken to contain inflationary pressure and its second round effects and anchor inflation expectations.
In April, the MPC decided to increase the repo rate by 25 basis points to 7.25%. In August, the central bank said repo rate will remain unchanged at 7.75%.
In June, in a move that it said was meant to continue safeguarding the peg arrangement and anchoring inflation expectations, while simultaneously supporting the domestic economy, the MPC decided to increase the repo rate by 50 basis points to 7.75%.
In August, the MPC decided to keep the repo rate unchanged at 7.75% after a comprehensive review of global, regional and domestic economic developments.
In October, the central bank said decided to keep the Repo rate unchanged at 7.75%. This decision was taken following a comprehensive review of domestic, regional and global economic developments, the bank said.
At its last meeting of the year in December, the MPC decided to keep the Repo Rate unchanged at 7.75% with the prime lending rate remains steady at 11.50%.
The MPC noted the most recent short-term acceleration in inflation. However, with real interest rates already positive, continued signs of slack in the economy, slow credit growth, a projected slowdown in inflation in 2024 and a fair level of international reserves, the MPC decided to maintain the repo rate at 7.75%.
