Economics
Namibia Hikes Key Interest Rate for First Time in Six Years
- Raises key rate 25 basis points to 4%, matching South Africa
- Central bank sees the economy growing about 3% in 2022
Photographer: Snow Douglas/Xinhua/Getty Images
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Namibia raised its key interest rate for the first time in six years, safeguarding its currency peg with South Africa’s rand.
The monetary policy committee lifted the rate by 25 basis points to 4%, Governor Johannes !Gawaxab told reporters Wednesday in the capital, Windhoek. That follows a decision by the South African Reserve Bank last month to raise borrowing costs by the same amount, also to 4%.