The Namibian central bank cut its main interest rate by 25 basis points to 7.25% in a decision announced on Wednesday.

On 14 and 15 October 2024, the Monetary Policy Committee (MPC) of the Bank of Namibia held its fifth bi-monthly meeting for 2024 to decide on appropriate measures and the monetary policy to be implemented over the next two months. To continue supporting the national economy while simultaneously maintaining the anchor between the Namibian dollar and the South African rand, the MPC unanimously decided to reduce the Repo rate by 25 basis points to 7.25 percent. This decision was taken following a comprehensive review of the current national, regional and global economic situation and anticipated developments.

Domestic economic activity increased in the first eight months of 2024, although growth slowed on a quarterly and annual basis during the second quarter of 2024. Inflation has fallen considerably and the projected medium-term inflation trajectory has been revised downwards. Growth in the extension of credit to the private sector (PSCE) remained moderate. The merchandise trade deficit widened further, while the stock of international reserves remained sufficient to maintain the currency's foothold and meet the country's goals