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.
The Bank of Namibia has declared a dividend of N$413. 7 million to the government.
The dividend was handed over at the launch of the bank's 2022 Annual Report in Windhoek.
The Bank of Namibia on Monday launched and activated the modified N$20 banknote at Opuwo.
The modified N$20 note contains the signature of the current central bank governor, Johannes !Gawaxab. The N$20 and N$200 notes were last reprinted in 2018.
The Bank of Namibia has increased the repo rate by 25 basis points, from 6.5 to 7 percent.
Bank of Namibia and the Ministry of Finance and Public Enterprises have re-launched the SME Economic Recovery Loan Scheme.
The Bank of Namibia has again increased the repo rate, this time by 50 basis points, from 5.5 to 6.75 percent.
Governor Johannes !Gawaxab says the raise is done in an effort to anchor inflation expectations as well as safeguard the one-on-one peg arrangement with South Africa.
