Economics
Namibia Follows South Africa Rate Cut to Boost Shrinking Economy
- Key rate reduced to 6.5% from 6.75% to help maintain rand peg
- Central bank announced measures to help boost housing market
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Namibia’s central bank cut its benchmark interest rate for the first time in two years as it seeks to boost the economy and maintain its currency’s peg to the South African rand.
The Bank of Namibia’s Monetary Policy Committee reduced the rate to 6.5% from 6.75%, Governor Ipumbu Shiimi told reporters Wednesday in the capital, Windhoek.