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Namibia’s Foreign Reserves Stand At US$1.89 Billion

Namibia’s preliminary stock of international reserves stood at 1.89 billion U. S. dollars (24.2 billion Namibian dollars) in June, representing an increase both on a monthly and annual basis, according to the central bank.

Bank of Namibia Governor Iipumbu Shiimi said Wednesday the increase was largely a result of local institutional investors who decided to liquidate some of their foreign investments to invest in the domestic economy.

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“At this level the stock of international reserves is estimated to cover 3.7 months of imports of goods and services and thereby remains sufficient to sustain the currency peg between the Namibian dollar and the South African rand,” he said.

Meanwhile the central bank also kept the repo rate unchanged at 7 percent and according to Shiimi, the rate remains appropriate to maintain the one-to-one link between Namibian dollar and the South African rand without compromising growth.

Furthermore he said the decision to maintain the repo rate was taken following a review of global, regional and domestic and financial developments.

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Written by PH

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