Namibia's central bank slashes repo rate

Source: Xinhua | 2020-03-21

Namibia's central bank Friday slashed the repo rate by 1 percent to land at 5.25 percent.

The bank's governor Ipumbu Shiimi at an urgent Monetary Policy Announcement in Windhoek said the rationale behind the move is to cushion the people against the anticipated impact of the COVID-19.

Furthermore, he said that the move follows after the South African Reserve Bank (SARB), Thursday dropped its repo by 100 basis points to 5.25 percent

Shiimi said Namibia's central bank's move is appropriate as it maintains the one-to-one link between the Namibia dollar and the South African rand.