Namibia cuts lending rate to 6.75 pct to support growth


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

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