- Namibia raises interest rates to 7% to defend its currency peg with South Africa.
- Rising fuel costs, weak mining revenues and debt threaten the country’s fragile recovery.
WINDHOEK, NAMIBIA — Namibia raised its benchmark interest rate to 7% on Wednesday, prioritising currency stability as soaring oil prices threaten an already fragile economy.
The Bank of Namibia increased its repo rate by 25 basis points, pushing commercial banks’ prime lending rate to 10.5% and making mortgages, business loans and government borrowing more expensive.
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