Repo rate increases to 5.75 per cent

WINDHOEK: The Reserve Bank has increased the repo rate to 5,75 per cent.

Bank of Namibia (BoN) Governor Iipumbu Shiimi said the Monetary Policy Committee (MPC) has decided to increase the repurchase rate by 0,25 basis points.

This follows the bi-monthly MPC meeting held on 17 June 2014 to decide on the monetary policy position for the next two months.

Shiimi said the meeting reviewed global, regional and domestic economic and financial developments since the last meeting held on 15 April this year.

“The decision was taken to increase the repo rate by 0,25 percentage points to 5,75 per cent,” he stated.

The repo rate is the scale at which the bank lends money to commercial banks. The repo rate had been unchanged at 5,50 per cent since January this year.