Namibia cuts lending rate to 6.75 pct to support growth

0
384

WINDHOEK (Reuters) – Namibia’s central bank cut its benchmark lending rate by 25 basis points to 6.75 percent on Wednesday, citing the need to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand.

Namibia’s economy slipped into recession in the first quarter of 2017, shrinking by 2.7 percent in the quarter following a 1.4 percent contraction in the last quarter of 2016.

Reporting by Nyasha Nyaungwa; Editing by James Macharia

SHARE
Previous articleSouth Africa’s Famous Brands warns on profits, shares drop
Next articleBuilding Fiscal Institutions in Fragile States
Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.