The Bank of Namibia left its benchmark lending rate unchanged at 6.75 percent on Wednesday for a fourth meeting in a row, saying the current level was appropriate to support economic growth.
The Bank of Namibia on Wednesday cut the repo rate by 25 basis points to 6.75 percent, citing the need to support economic growth and maintaining the one-to-one link between the Namibian dollar and the South Africa rand.
Statistics contained in the Bank of Namibia’s annual report for the financial year ended 31 December 2016, show a steep decline in the value and volumes of cheques issued during last year. A total of 1,1 million cheques were processed during 2016, with a combined total value of N$10 billion, which represents a 60 percent decline in value from the N$27 billion recorded in prior year.
The Bank of Namibia (BoN) says it expects the Angolan central bank to pay back in excess of N$2 billion by the end of 2017, following the cancellation of a currency conversion agreement between the neighbouring countries at the end of 2015. BoN Governor Iipumbu Shiimi said on Wednesday that almost US$300 million was still owed by the Angolan apex bank after last week’s payment of at least US$55 million.
In an interesting twist to the ongoing fight over the control of SME Bank, the Bank of Namibia (BoN) seems to have made a major climb down from its earlier decision to unilaterally fire the lender’s board of directors, after it announced this week that the board had not been fired, but “disempowered”.