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. source: Bank of Namibia
Interest Rate in Namibia averaged 6.88 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 February of 2021.
Interest Rate in Namibia is expected to be 3.75 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.