The Bank of Namibia kept its benchmark interest rate unchanged at a record low of 3.75% during its April of 2021 meeting, following a similar decision by the South African Reserve Bank in March. Policymakers said that the current stance remains appropriate to continue supporting domestic economic activity, while at the same time protecting the currency's peg to the South African rand. The bank noted that domestic economic activity contracted severely by 8% in 2020 due to the devastating effects of the Covid-19 pandemic, and that available indicators for the two first months of 2021 point to subdued activity. Going forward, the economy is expected to grow by 2.7% in 2021, assuming a faster vaccination rollout. Meanwhile, the annual inflation rate stood at 2.7% in February 2021, unchanged from the previous month's 15-month high; and it is projected to average around 3.2% in 2021. source: Bank of Namibia

Interest Rate in Namibia averaged 6.81 percent from 2007 until 2021, reaching an all time high of 10.50 percent in May of 2007 and a record low of 3.75 percent in August of 2020. This page provides the latest reported value for - Namibia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Namibia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

Interest Rate in Namibia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Namibia to stand at 3.25 in 12 months time. In the long-term, the Namibia Interest Rate is projected to trend around 3.25 percent in 2022, according to our econometric models.

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Namibia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.75 3.75 10.50 3.75 2007 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-10-21 09:00 AM 3.75% 3.75% 3.75%
2020-12-09 09:00 AM 3.75% 3.75% 3.75%
2021-02-17 09:10 AM 3.75% 3.75% 3.50%
2021-04-14 09:10 AM 3.75% 3.75% 3.75%
2021-06-15 09:15 AM 3.75%
2021-08-18 09:15 AM
2021-10-20 09:15 AM
2021-12-08 09:15 AM


News Stream
Namibia Holds Key Interest Rate at 3.75%
The Bank of Namibia kept its benchmark interest rate unchanged at a record low of 3.75% during its April of 2021 meeting, following a similar decision by the South African Reserve Bank in March. Policymakers said that the current stance remains appropriate to continue supporting domestic economic activity, while at the same time protecting the currency's peg to the South African rand. The bank noted that domestic economic activity contracted severely by 8% in 2020 due to the devastating effects of the Covid-19 pandemic, and that available indicators for the two first months of 2021 point to subdued activity. Going forward, the economy is expected to grow by 2.7% in 2021, assuming a faster vaccination rollout. Meanwhile, the annual inflation rate stood at 2.7% in February 2021, unchanged from the previous month's 15-month high; and it is projected to average around 3.2% in 2021.
2021-04-14
Namibia Holds Key Interest Rate at 3.75%
The Bank of Namibia left its benchmark interest rate steady at a record low of 3.75% during its February of 2021 meeting, following a similar decision by the South African Reserve Bank in January. Policymakers said that the current stance remains appropriate to continue supporting the economy amid low inflationary pressures and maintain the one-to-one link between the Namibian dollar and the South African rand. The bank noted that domestic economic activity slowed considerably in 2020 compared to 2019, with contractions observed in key sectors such as tourism, wholesale and retail trade, mining, manufacturing, construction, as well as transport and storage. The economy is projected to have contracted by a record 7.3% in 2020, before returning to an expected moderate recovery of 2.6% in 2021. Meantime, annual average inflation fell to 2.2% in 2020 from 3.7% in 2019 and it is seen around 3% in 2021.
2021-02-17
Namibia Holds Key Interest Rate at 3.75%
The Bank of Namibia kept its benchmark interest rate steady at a record low of 3.75% during its December of 2020 meeting, following a similar decision by the South African Reserve Bank in November. Policymakers said that the current stance is still appropriate to continue supporting the economy amid low inflationary pressures and maintain the one-to-one link between the Namibian dollar and the South African rand. Policymakers said that available indicators suggest that domestic activity contracted during the first ten months of the year, and it is estimated to register an overall contraction in 2020, before an expected modest recovery in 2021. Meanwhile, headline inflation fell to 2.2% during the first ten months of the year, well below 4% a year ago; and it is expected to average 2.3% in 2020.
2020-12-09
Namibia Holds Key Interest Rate at 3.75%
The Bank of Namibia kept its benchmark interest rate steady at a record low of 3.75% during its October of 2020 meeting, following a similar decision by the South African Reserve Bank in September. Policymakers said that the current stance is still appropriate to continue supporting the economy amid low inflationary pressures and maintain the one-to-one link between the Namibian dollar and the South African rand. Policymakers said that available indicators suggest that domestic activity contracted during the first eight months of the year, amid declines in mining, manufacturing, tourism, wholesale & retail trade and transport & storage. Other sectors such as telecommunication and electricity generation improved, but the economy is projected to shrink by 7.8% in 2020 before a moderate recovery of 2.1% in 2021. Meanwhile, headline inflation fell to 2.2% during the first nine months of the year, well below 4.2% a year ago; and it is expected to average 2.3% in 2020.
2020-10-21

Namibia Interest Rate
In Namibia, interest rates decisions are taken by the Executive Committee of the Bank of Namibia. The official interest rate is the Repo Rate.