off-the-wire

Namibia central bank raises lending rate by 25 basis points

Kitco Media
By Reuters
Published:
Updated:
Reuters

WINDHOEK, Feb 15 (Reuters) - Namibia's central bank raised its lending rate by 25 basis points to 7.0% on Wednesday, part of its efforts to contain inflation.

The Bank of Namibia has hiked its lending rate seven times in the past year. Annual inflation rose slightly in January to 7.0% from 6.9% in December.

"Domestic economic activity continues to show a gradual improvement. The inflation rate remains elevated, while the growth in Private Sector Credit Extension remains weak," the central bank governor said in a statement.

The country's international reserves remain sufficient to support a currency peg with the South African rand and meet its international financial obligations, the statement said.

Reporting by Nyasha Nyaungwa; Writing by Nellie Peyton; Editing by Alexander Winning
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