Prime interest rate remains the same

The Bank of Namibia (BoN) this morning left its repo rate unchanged at 6.5%.
The decision was taken in view of global, regional and domestic economic and financial developments, BoN governor Iipumbu Shiimi said.
Domestic economic activity continued to slow during the first eight months of 2019 compared to the same period last year, Shiimi said.
“The slowdown was reflected in sectors such as mining, construction, wholesale and retail trade and agriculture,” he said.
Namibia’s economy is projected to remain “weak” this year, the governor said.
The unchanged repo rate means the prime lending rate of local commercial banks will also stay the same at 10.25%.