African Media Agency (AMA)
Namibia: Banking Sector Responds to Interest Rate Concerns
[New Era] The Bank of Namibia (BoN) has lowered the repo rate, a record of three times in the last four months since March 2020, in a bid to provide a much-needed relief from the adverse economic effects of the coronavirus pandemic. When the repo rate is adjusted, the central bank, as the regulator of the banking industry, provides banks and financial institutions a grace period of two weeks within which to make the necessary adjustments to their interest rates. A repo rate reduction results in a decrease in net int