The central bank of Namibia raised its key lending rate by 50 bps to 6.75% during its November 2022 meeting, following a 75 bps rate increase in October. It was the sixth consecutive rate hike so far this year, pushing borrowing costs to levels not seen since July of 2019, to safeguard its currency peg with South Africa’s rand and to continue anchoring inflation expectations. Namibia's annual inflation stood at 7.1% in October of 2022, the same as in September, and holding close to 2017-highs of 7.3% reached in August. Meanwhile, Governor Johannes Gawaxab said the central bank was in the process of revising up its 2022 growth forecast from a previous prediction of 3.2%, adding he would not be surprised if growth reached 4%. source: Bank of Namibia

Interest Rate in Namibia averaged 6.55 percent from 2007 until 2022, 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 December of 2022.

Interest Rate in Namibia is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Namibia Interest Rate is projected to trend around 7.50 percent in 2023 and 6.50 percent in 2024, according to our econometric models.

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Namibia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-17 09:15 AM 5.5% 4.75% 5%
2022-10-26 09:15 AM 6.25% 5.5% 5.5%
2022-11-30 09:05 AM 6.75% 6.25% 7%


Related Last Previous Unit Reference
Interest Rate 6.75 6.25 percent Dec 2022
Money Supply M1 70241.50 70566.80 NAD Million Sep 2022
Money Supply M2 128290.10 128017.70 NAD Million Sep 2022
Foreign Exchange Reserves 47976.85 46994.63 NAD Million Sep 2022
Lending Rate 10.50 10.00 percent Nov 2022
Money Supply M0 7904.50 7925.59 NAD Million Sep 2022
Central Bank Balance Sheet 52571.04 54585.80 NAD Million Aug 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
6.75 6.25 10.50 3.75 2007 - 2022 percent Daily

News Stream
Namibia Lifts Interest Rate to 6.75%
The central bank of Namibia raised its key lending rate by 50 bps to 6.75% during its November 2022 meeting, following a 75 bps rate increase in October. It was the sixth consecutive rate hike so far this year, pushing borrowing costs to levels not seen since July of 2019, to safeguard its currency peg with South Africa’s rand and to continue anchoring inflation expectations. Namibia's annual inflation stood at 7.1% in October of 2022, the same as in September, and holding close to 2017-highs of 7.3% reached in August. Meanwhile, Governor Johannes Gawaxab said the central bank was in the process of revising up its 2022 growth forecast from a previous prediction of 3.2%, adding he would not be surprised if growth reached 4%.
2022-11-30
Namibia Hikes Key Rate to 6.25%
The central bank of Namibia raised its key lending rate by another 75 bps to 6.25% during its October 2022 meeting, following a similar decision by the South African Reserve Bank in September. It was the fifth consecutive rate hike so far this year, pushing borrowing costs to levels not seen since February 2020, to safeguard its currency peg with South Africa’s rand and to continue anchoring inflation expectations. Namibia's headline inflation was 7.1% in September, but still close to an over five-year high of 7.3% in August. Inflation is now forecast to average around 6.1% for the year, up from the 5.8% indicated at the last meeting in August. The central bank confirmed again it expected the domestic economy to grow by 3.2% in 2022, mainly driven by diamond and gold mining, as well as better recovery prospects across most sectors.
2022-10-26
Namibia Lifts Key Interest Rate to 5.5%
The central bank of Namibia raised its key lending rate by 75 bps to 5.50% during its August 2022 meeting, following a similar decision by the South African Reserve Bank in July. It was the fourth consecutive rate hike so far this year, pushing borrowing costs to levels not seen since February 2020. Policymakers said the decision was taken due to persistent inflationary pressures and is deemed appropriate to safeguard the one-to-one link between the Namibia Dollar and the South African rand, while meeting the country’s international financial obligations. The headline inflation accelerated to an over five-year high of 6.8% in July, on the back of elevated prices of fuels and food; and it is projected to average around 5.8% in 2022, up from an estimate of 5.9% in June. Meanwhile, the economy is projected to grow by around 3.2% in 2022, up from an earlier estimate of 3%, driven by a recovery in the mining, electricity, water and tourism sectors.
2022-08-17