Namibia central bank cuts key rate by 25 basis points
2024.10.16 05:28
WINDHOEK (Reuters) -Namibia’s central bank cut its main interest rate by 25 basis points to 7.25% on Wednesday, citing a retreat in domestic inflation and global monetary policy easing.
Inflation in the southern African country fell to 3.4% year on year in September, a steep drop from the 4.4% posted in August, encouraging the bank to cut its repo rate for the second consecutive meeting.
“The MPC (Monetary Policy Committee) noted the growing momentum in the international monetary policy easing cycle, the retreat in domestic inflation over the medium term, along with the recent downside surprise in the September 2024 inflation print,” Bank of Namibia Governor Johannes !Gawaxab said in a statement accompanying the decision.
The decision to cut the repo rate by 25 basis points was unanimous.
