Namibia | - Part 2

Africa’s Central Bank Monetary Policy Rates and Foreign Exchange Reserves

LAGOS (Capital Markets in Africa) – Angola’s central bank kept its benchmark lending rate unchanged at 16 percent following a policy meeting on Friday 28th April 2017, the bank said in a statement posted on its website. The National Bank of Angola (BNA) has kept its key rate steady since June last year when it raised it to the current level to curb accelerating inflation. In 2016 the BNA rate was raised 500 basis points….

Namibia Central Bank Leaves Benchmark Rate Unchanged at 7%

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Windhoek (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Namibia kept the Repo rate unchanged at 7.00 percent. This rate remains appropriate to maintain the one-to-one link between the Namibia Dollar and the South African Rand, while supporting economic growth in Namibia. The Namibia economic growth is estimated to have slowed in 2016, compared to the previous year. The slowdown is mainly attributed to the contraction in the construction…

Namibia’s economic growth to slow sharply in 2016 – IMF

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WINDHOEK (Capital Markets in Africa) – Namibia’s economy growth will slow to 1.6 percent this year from more than 5 percent in 2015 after a contraction in the mining sector and reduced government spending, the International Monetary Fund said on Thursday. “Growth is projected to temporarily weaken in 2016 to 1.6 percent as the construction of large mines ends and the government starts consolidating,” the lender in a statement at the end of a visit…

Namibia’s central bank maintains repo rate at 7%, inflation lower

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Windhoek (Capital Markets in Africa) – Namibia’s central bank left its benchmark repurchase rate steady at 7.0 percent, saying economic growth is expected to improve in 2017 after a slowdown this year and expected inflation to lower in 2017. The Bank of Namibia, which raised its rate twice this year by a total of 50 basis points, said inflation rose to an average of 6.6 percent in the first 10 months of this year, up…

Namibian President Says $5 Billion Funding Hinges on S. Africa

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WINDHOEK, Capital Markets in Africa: Namibia will seek to raise about $5 billion in loans and bonds over the next decade to help diversify and industrialize its economy with any debt sales to take place in South Africa, according to the country’s president. The southwest African nation plans to issue rand-denominated bonds and get funding from countries including the U.S., China, India and Japan, according to President Hage Geingob. “We’re looking at the South African bond market…

Namibia’s Diamond Discoveries Seen Extending Mining by 50 Years

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Namibia, Capital Markets in Africa: Discoveries of diamonds on land bordering the southern Atlantic coastal areas of Namibia, the world’s largest producer of marine gems, may extend ground-based mining operations by another 50 years, Finance Minister Calle Schlettwein said. Namdeb Diamond Corp., jointly owned by the Namibian government and Anglo American Plc’s De Beers, struck more deposits after pushing back the sea wall at its land-based operations, Schlettwein said an interview Sunday in Kigali, Rwanda’s capital, where he was…

IFC Issues First Namibian Bond to Support Local Capital Market

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Windhoek, Namibia, Capital Markets in Africa — International Finance Corporation (IFC), a member of the World Bank Group, has launched the first bond by a non-resident issuer in the Namibian capital markets, raising 180 million Namibia dollars—equivalent to $12 million—for private sector development in the country. The five year bond is named “Namib” after the world’s oldest desert. Namib means “vast space” in the Nama language and gave rise to the name of the country….

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