Namibia increases policy rate by 50bp

namibia-dollar

The Bank of Namibia has raised its policy rate by 50 basis points to 6.75%, following a recent hike by South Africa’s central bank.

It announced its sixth rate increase of 2022 – totalling 300bp of increases for the year – at its last monetary policy meeting of the year on November 28–29. Prior to its current tightening cycle, the Bank of Namibia had not raised rates since 2016.

Namibia maintains a 1:1 currency peg with the South African rand. The South African Reserve Bank raised its bank

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