Skip to content
Subscriber Only

Namibia Central Bank Holds Interest Rate at Record-Low 3.75%

  • Central bank predicts economy will grow 2.6% in 2021
  • Reserves remain sufficient to protect currency’s peg with rand

Namibia’s central bank held its benchmark interest rate at a record low in its first meeting of the year, striking a balance between supporting the economy and protecting its currency’s peg to the South African rand.

The monetary policy committee maintained the rate at 3.75%, Governor Johannes !Gawaxab told reporters Wednesday in the capital, Windhoek. It follows an unchanged decision by the South African Reserve Bank last month, and means Namibia’s benchmark rate remains higher than its neighbor’s.