Namibia’s reserves dip to $3.2bn amid trade outflows

• Import cover remains adequate at 3.7 months despite decline
• Central bank flags revaluation losses and foreign currency withdrawals

Windhoek, Namibia – Namibia’s international reserves fell to $3.2 billion at the end of May 2025, down from $3.3 billion two months earlier, according to central bank governor Johannes !Gawaxab. The decline, driven by trade-related outflows, customer foreign currency withdrawals and revaluation losses, comes as the country navigates global economic headwinds and efforts to maintain its currency peg with the South African rand.