Managing climate-induced inflation requires a fine balancing act, especially when coupled with high unemployment and weak economic conditions, Bank of Namibia Governor Johannes !Gawaxab has said.

Inflation has slowed to an average of 4.8% during the first seven months of 2024, down from 6.2% in the same period last year.

This has enhanced consumers's purchasing power and contributed to more stable prices.

The Bank of Namibia plans to launch an upgraded Namibian currency series in 2025. 

Namibia can draw lessons from other oil-producing economies as the country positions itself to ensure a sustainable future.

The country is expected to be among the top 15 oil producers in Africa by 2035, should it stay clear of corrupt practices and mismanagement of natural resources.

The Impact Tank recently celebrated three years of honouring indigenous heritage.

The Governor of the Bank of Namibia, Johannes !Gawaxab, says the persistently high cost of living is a cause for concern that puts ordinary Namibians under pressure.

!Gawaxab advised that central banks combat inflation that disproportionately affects vulnerable members of society.

The Bank of Namibia's Governor Johannes !Gawaxab says there are no plans for the country to delink the Namibian dollar from the South African Rand.

He made the remark at the Monetary Policy Dialogue held in Windhoek on Thursday.

Namibians will have to tighten their belts even more as the central bank lifts the repo rate by another 50 basis points.

The repo rate now stands at 7.5%, up from 7.25%.

The Bank of Namibia (BoN) has announced that it will increase the repo rate by 25 basis points to 7.25% following a rise in inflation rates in March.

Namibia has recorded an increase in inflation during 2022 compared to 2021, posing great pressure on the cost of living. 

This was revealed in the Bank of Namibia 2022 Annual Report, launched in the capital on Wednesday. 

Overall inflation rose significantly from 3,6% in 2021, to 6,1% in 2022.