Governor of Bank of Namibia Mr Johannes !Gawaxab has this morning announced that the Repo rate will remain unchanged at 7.75 percent for the next two months.
The decision to keep the Repo rate unchanged was made following a comprehensive review of global, regional and domestic economic developments by the Bank’s Monetary Policy Committee after its bi-monthly meeting held on the 14 and 15 August 2023.
The announcement was made by !Gawaxab at the Bank of Namibia’s Oshakati Branch.
!Gawaxab stated that Namibia’s real GDP growth picked up during the first quarter of 2023 and remained robust year-to-date.
“Inflation pressures softened in July 2023, while Private Sector Credit Extension (PSCE) growth remained weak,” !Gawaxab said, adding that the merchandise trade deficit narrowed, and the stock of international reserves remained sufficient to support the currency peg and meet the country’s international financial obligations.
The Governor of the Central Bank further indicated that the recently released quarterly national accounts data indicate that the Namibian economy grew by 5 percent during the first quarter of 2023, higher than the 2.1 percent in the final quarter of 2022.
“The improved growth was widely spread across the various sectors of the economy. Similarly, year-to-date, the Namibian economy continued with its positive momentum as reflected in increased activity in the mining, livestock marketing, wholesale and retail trade, communication and tourism sectors.
“Going forward, however, real GDP growth is projected to slow down to about 3.3 percent for 2023 as a whole compared to 4.6 percent registered in 2022, on account of slower growth in the primary industry.”
In the photo: Bank of Namibia Governor Mr Johannes !Gawaxab announcing the Monetary Policy Committee decision.