The Bank of Namibia has announced that it will maintain the repo rate at 6.50%.

Bank of Namibia Governor Johannes !Gawaxab announced he will step down by the end of December 2025, having fulfilled his mandate and leaving the central bank in a stable and sustainable position for his successor. 

The Bank of Namibia's Governor Johannes !Gawaxab's final day of service will be on the 31st of December 2025.

His departure from the Central Bank was announced by the Board today. 

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.

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.