Namibian Central Bank Cuts Main Interest Rate to 7%
June 17, 2009 by admin · Leave a Comment
Namibia’s central bank cut its benchmark interest rate by half a percentage point to 7 percent and forecast the economy would contract this year.
The Bank of Namibia estimates the economy will shrink 0.6 percent this year, Governor Tom Alweendo told reporters today in the capital, Windhoek. In April, the bank forecast that the economy would expand 0.4 percent this year.
“The executive committee is of the view that a further measure of monetary policy easing is still necessary to stimulate economic activity through a reduced interest burden,” Alweendo told reporters today in the capital, Windhoek. Read more…
