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Namibian central bank holds repo rate at 6.75%

The Bank of Namibia on Feb. 14 maintained its repo rate at 6.75%, saying at that level, the rate would continue supporting domestic growth, while maintaining the one-to-one link between the Namibian dollar and the South African rand.

The central bank said the domestic economy remained weak in 2017, but it foresees a gradual recovery in 2018. Annual inflation averaged 6.2% in 2017 compared to 6.7% in 2016. Inflation is expected to average around 5% for 2018.

Namibia's external current account deficit narrowed in 2017 on reduced imports and improved exports.