Namibia central bank leaves lending rate at 5.5% - CNBC Africa

Namibia central bank leaves lending rate at 5.5%


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Bank of Namibia govonor Ipumbu Shiimi. PHOTO: New Era

According to the Bank of Namibia, economic growth was expected to continue in 2014 while inflation would remain at sustainable levels.

The bank said growth in 2014 was expected to be supported by the sustained rapid pace of construction and mining, as well as strong growth in consumer demand.

"The performance of the Namibian economy remained broadly satisfactory during the first two months of 2014. Looking ahead, prospects for 2014 are encouraging," said the bank, which raised its 2014 growth forecast to 5.3 per cent from 5 per cent in February.

Inflation, which averaged 5.1 per cent during the first three months of the year, was seen increasing slightly in the second quarter, but would remain below 6 per cent, the bank added.