{"id":39353,"date":"2023-02-15T15:56:45","date_gmt":"2023-02-15T15:56:45","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike"},"modified":"2023-02-15T16:27:42","modified_gmt":"2023-02-15T16:27:42","slug":"repo-rate-expectations-at-25bps-hike","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike","title":{"rendered":"Repo rate expectations at 25bps hike"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>BANK of Namibia officials will conclude their monetary policy meeting today, to decide the interest rates to be charged until mid-April.<\/p>\n

Analysts are, however, already hinting that the benchmark interest rate will be increased to 7% come tomorrow.<\/p>\n

Late last year, the central bank hiked the rate to 6,75%, pushing the prime lending rate to 10,5%.<\/p>\n

This means on average all loans now cost over 10,5% in interest, and if it so happens that an increase is announced, the prime lending rate will be close to 11% soon.<\/p>\n

Tomorrow, governor Johannes !Gawaxab or one of his deputies will announce the new rate \u2013 and analysts are of the view a hiking path will be taken to match the recent South African increase in January.<\/p>\n

Last month, South African Reserve Bank governor Lesetja Kganyago announced a 50 basis points increase, which now sees South Africa’s repo rate at 7,25% and the prime lending rate at 10,75%.<\/p>\n

For him, the year commenced with high inflation and weak economic growth which are continuing to shape global conditions, and necessitated a hike in interest rates.<\/p>\n

Inflation in South Africa was reported to have eased to 7,1% in December, and 6,9% for Namibia.<\/p>\n

Namibia is now 50 basis points behind South Africa at 6,75% and will announce the decision of price stability on 15 February 2023.<\/p>\n

Economist Omu Kakujaha-Matundu said he is expecting slightly better news for Namibians than what hit South Africans in January.<\/p>\n

\u201cMy thinking is that the Bank of Namibia will raise the repo by 25 basis points or a quarter of a percent. That will push the repo to 7%, slightly lower than the South African repo, leaving Namibian consumers and businesses in a slightly better position than their South Africans counterparts,\u201d he said.<\/p>\n

Arysteq Asset Management managing director Purvance Heuer said Namibia is way behind the curve, and a 25 basis points will be sensible.<\/p>\n

Considering that inflation in Namibia has been dropping, analysts are of the view that despite the local conditions being favourable to an extent, a hike in the repo rate would be affected to maintain the one-to-one peg between the Namibia dollar and the rand.<\/p>\n

Recent private sector credit extension data as released by the Bank of Namibia shows that loans extended for economic activity remain low, mostly due to high interest rates.<\/p>\n

Analysts at Simonis Storm said banks will only improve their lending when convinced that higher economic growth rates can be sustained in the medium term.<\/p>\n

\u201cWe could see more loan applications being accepted and so support higher credit and economic growth,\u201d Simonis Storm said.<\/p>\n

Last year, the central bank had projected that the local economy would grow by 2,7%, and it is not clear at what growth rate commercial banks would respond positively to see inflation slowing down.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. BANK of Namibia officials will conclude their monetary policy meeting today, to decide the interest rates to be charged until mid-April. Analysts are, however, already hinting that the benchmark interest rate will be increased to 7% come tomorrow. Late last year, the central bank hiked the rate to 6,75%, pushing the prime […]<\/p>\n","protected":false},"author":84,"featured_media":39352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[234,236,233],"class_list":["post-39353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nRepo rate expectations at 25bps hike - Namibia<\/title>\n<meta name=\"description\" content=\"BANK of Namibia officials will conclude their monetary policy meeting today, to decide the interest rates to be charged ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Repo rate expectations at 25bps hike\" \/>\n<meta property=\"og:description\" content=\"BANK of Namibia officials will conclude their monetary policy meeting today, to decide the interest rates to be charged ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-15T15:56:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T16:27:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676464011.65.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Repo rate expectations at 25bps hike\",\"datePublished\":\"2023-02-15T15:56:45+00:00\",\"dateModified\":\"2023-02-15T16:27:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\"},\"wordCount\":465,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1676464011.65.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/repo-rate-expectations-at-25bps-hike\",\"name\":\"Repo rate expectations at 25bps hike - 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