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Repo rate reduced to 5.25 percent
On 20 March, the Monetary Policy Committee (MPC) of the Bank of Namibia called a special meeting considering the recent extra-ordinary events emanating from the COVID-19 pandemic. The MPC cut the Reop rate with 100 basis points to 5.25 percent following a review of the global, regional and domestic economic and financial developments
Repo rate reduced to 5.25 percent
Since the previous MPC meeting on 19 February, inflation rates in most key monitored economies declined or remained low and, on the back of COVID-19, global economic growth is estimated to weaken below initial projections for 2020. Compared to the same period in 2019, domestic activity slowed during the first two months of 2020. The average inflation for the first two months also declined from 4.5 percent in 2019 to 2.3 percent in 2020. The decrease of inflation is mainly due to a decline in the top three categories namely food and non-alcoholic beverages, housing and transport.
The Bank of Namibia will continue to monitor developments in the economy and will take necessary steps within its mandate to support the Namibian economy during this extra-ordinary time.
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