Namibia retains rate as inflation eases, economy feeble
Namibia’s central bank left its benchmark repo rate at 7.0 percent, noting that inflation had slowed in the first four months of the year while the domestic economy remained weak.
The Bank of Namibia, which has kept its rate steady since raising it by 25 basis points in April 2016, also said growth in private sector credit had slowed in the first four months of the year, with the annual growth rate at 8.6 percent, down from 13.0 percent in the same 2016 period.
Slowing growth was visible in credit advances to both the corporate and household sectors, especially in mortgages and installment credit, the central bank added.
Namibia’s inflation rate decelerated to 6.7 percent in April from 8.2 percent in January due to lower food inflation and by the end of the year inflation is expected to average 6.9 percent.
Namibia’s economy shrank by an annual 3.1 percent in the fourth quarter of last year compared with a 0.8 percent contraction in the third quarter with growth in the full year of only 0.2 percent, down from 6.1 percent in 2015.
Weakness continued at the start of this year, with the central bank saying “this feeble performance was largely reflected in sectors such as manufacturing, construction as well as wholesale and retail trade.”
The bright spots include the mining sector, particularly the production of diamonds, zinc and gold and going forward the output of uranium and blister copper is expected to improve.
As of June 1, Namibia’s stock of international reserves rose to 24.2 Namibian dollars billion from 22.3 billion as of March 31, “thereby sufficient to sustain the currency peg between the Namibia dollar and the South African rand,” the bank said.
Source: http://www.centralbanknews.info/2017/06/namibia-retains-rate-as-inflation-eases.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).