The Bank of Namibia has announced the maintenance of the repo rate at 7.75 percent, a decision coming on the heels of the recent drop in local fuel prices.

This move is expected to bring a sigh of relief across the nation amid economic challenges.

Central bank Governor Johannes !Gawaxab, at the year's sixth Monetary Policy announcement, explained the decision as based on supporting the domestic economy and safeguarding the one-on-one peg between the Namibian dollar and the South African Rand.

The Bank of Namibia has reiterated its warning to the public to refrain from investing in cryptocurrencies, saying they remain risky.

The Central Bank's Governor, Johannes !Gawaxab says there are instances where virtual currencies are used to conceal crimes such as fraud, theft, money laundering, and to fund terrorism, although benefits also exist.