Diesel prices to increase this Wednesday

As the international oil market continues to have a huge fall in oil demand, diesel prices are expected to increase on Wednesday by 198 cents per litre.

It is, however, a relief for petrol users as prices remain unchanged.

The new prices in Walvis Bay will be N$24.10 per litre for diesel and, as for the rest of the country, they will be adjusted accordingly.

The depreciation of the Namibian dollar against the US dollar as of now will cause negative effects on the pockets of fuel consumers.

Bank of Namibia increases repo rate by 75 points to 6.25%

The Bank of Namibia (BoN) has decided to increase the repo rate by 75 basis points, to 6.5%.

The central bank also warned that inflation, which is the main cause of the repo rate, will persist for a longer period of time, driven by factors beyond Namibia's control.

When the central bank pushes up the repo rate, it does so in response to and to arrest runaway inflation.

These hikes discourage borrowing and reduce the amount of money in the economy, meaning fewer resources to spend.

Namport revenue increases by 11%

Despite the effects of the COVID-19 pandemic on the logistics industry, Namport's revenue increased by 11% for the fiscal year 2021–2022.

The company's revenue increased from N$1.11 billion during the previous financial year to N$1.23 billion. 

The chief executive officer of Namport says the financial year under review included mixed fortunes for the state enterprise.

Andrew Kanime indicated that the impact of the COVID-19 pandemic resulted in a shortage of vessels for Namibian ports.

Zambezi farmers want security at borders as stock-theft increases

Farmers in the Zambezi Region want visible security along Namibia's borders as cases of stock theft keep increasing.

Speaking at a stakeholders meeting by the Liselo-Kamenga Anti Stock Theft Association, Chairperson Vincent Siliye, said the government has not been active with regard to the safety of its citizens, especially in the Zambezi Region, where weekly cases of stock theft are being reported.

Most of the animals were recovered from Zambia, and Siliye says the incidents are not limited to stock theft.