Monetary Policy Committee (MPC)

BoN hikes lending rate …Hard times laying ahead

BoN hikes lending rate …Hard times laying ahead

Tujoromajo Kasuto The Bank of Namibia has announced another half a percent repo rate hike to 4.75 percent, following the Monetary Policy Committee (MPC) meeting of the 13th and 14th of June 2022.Financial analysts predict to more increases this year with more to come in 2023 to take interest rates to pre-pandemic levels.The repo rate affects interest rates, which in turn affects instalment payments on a house and other debts such as bank overdrafts and loans.This is the third hike in the repo rate in succession. The central bank uses repo rate to arrest inflation, but reduces consumer purchasing power.…
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BoN maintains Repo rate at 3.75 percent

BoN maintains Repo rate at 3.75 percent

Staff Writer The Monetary Policy Committee (MPC) of the Bank of Namibia has decided to keep the Repo rate unchanged at 3.75 percent. “This decision was taken following a review of global, regional and domestic economic and financial developments. The MPC is of the view that the rate remains appropriate to continue supporting domestic economic activity, while at the same time safeguarding the one-to-one link between the Namibia Dollar and the South African Rand,” BON Governor, Johannes !Gawaxab announced on Wednesday. !Gawaxab said the domestic economic activity declined during the first ten months of 2020 and is forecasted to register…
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BoN maintains Repo rate unchanged

BoN maintains Repo rate unchanged

Staff Writer The Bank of Namibia (BoN) on Wednesday announced that its Monetary Policy Committee (MPC) had resolved to keep the Repo rate unchanged at 3.75 percent. “The MPC is of the view that the rate remains appropriate to continue supporting domestic economic activity, while at the same time safeguarding the one-to-one link between the Namibia Dollar and the South African Rand,” BoN Governor Johannes !Gawaxab said. He said domestic economic activity had slowed during the first eight months of 2020, compared to the same period of 2019. The bank forecasts the domestic economy to contract by 7.8 percent in…
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