Namibia increases policy rate by 50bp
Central bank shadows South Africa’s hike last week to preserve currency link
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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