The Central Bank will make its monetary policy announcement on Wednesday.

The ultimate objective of monetary policy in Namibia is to see if it is necessary to either raise or decrease the repo rate.

The repo rate is the premium the Bank of Namibia charges banks for money it advances.

Commercial banks pass on the cost or interest rate to their clients for loans and mortgages, normally at the same margin as the repo rate.

Currently, the interest rate for prime loans is 11%, while it is 12% for existing home loans.

President Hage Geingob has urged the management and staff of the Bank of Namibia to guard against obstacles to economic growth, one of them being tribalism.

Dr Geingob paid a visit to the central bank on Wednesday.

The President's visit to the Central Bank was aimed at discussing the country's finances, taking into consideration geopolitics. and a number of other external threats.

The Bank of Namibia expects the economy to grow by slightly more than 3% this year, owing primarily to the mining industry's strong performance.