Namibia cuts lending rate to 6.75%

Namibia’s central bank on Wednesday cut its benchmark lending rate by 25 basis points to 6.75 per cent.

The apex bank said in Windhoek that the aim was to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand.

Namibia’s economy slipped into recession in the first quarter of 2017, shrinking by 2.7 per cent following a 1.4 per cent contraction in the last quarter of 2016. (NAN)

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