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Bank of Namibia Maintains Interest Rate at 7.75%

Bank of Namibia Maintains Interest Rate at 7.75%

In an attempt to stabilise the economy, the Bank of Namibia announced this Wednesday, June 19, that it will keep its main interest rate at 7.75%. This decision marks a period of continuity, as the rate has remained at this level since June 2023.

The southern African country saw a slight increase in inflation, with the annual rate rising modestly to 4.9 per cent in May from 4.8 per cent in April. The central bank’s choice to keep the rate stable is a response to economic indicators and aims to balance concerns about growth and inflation.

The financial institution, based in Windhoek, Namibia’s capital, is responsible for defining a monetary policy conducive to economic stability. The unchanged interest rate reflects its ongoing strategy to navigate the country’s economic landscape. The central bank’s actions are closely monitored by investors and market participants, looking for signs of future economic direction.

Source: Investing.com

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