Namibian central bank imposes reduction in repo rate
Date
3/22/2020 3:47:26 AM
(MENAFN)
The central bank of Namibia has reduced its repo rate by a total of 1 percent on Friday to 5.25 percent.
Ipumbu Shiimi, the governor of the bank, said in an urgent Monetary Policy Announcement that took place in Windhoek that the cut was taken to support people over the expected negative effects of Coronavirus.
He added that the reduction came following the decision of the South African Reserve Bank (SARB) to cut its repo rate by a total of 100 basis points to reach 5.25 percent.
The official said that the repo rate cut is appropriate as it keeps the one to one link connecting the Namibia dollar and the South African rand.
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