Bank of Namibia Lowers Key Interest Rate to 6.50% Amid Rising Inflation

The Bank of Namibia has reduced its main interest rate by 25 basis points to 6.50%, according to a statement released on Wednesday.

This marks the first rate adjustment since the central bank held the repo rate steady during its April, June, and August meetings, following four consecutive cuts earlier in the year.

Namibia’s annual inflation rate rose to 3.5% in September from 3.2% in August. The Monetary Policy Committee noted that its decisions continue to account for the Namibian dollar’s peg to South Africa’s rand.

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Source:Africa Publicity