The central bank of Namibia, whose currency is pegged to SA’s rand, diverged from its neighbour’s moves on monetary policy for the first time in two years as the country seeks to balance supporting its economy with safeguarding investment inflows.
The decision to veer away from SA coincides with the first monetary policy committee meeting that was led by the new governor, Johannes !Gawaxab, who took the reins at the Windhoek-based central bank at the start of June. “The MPC had to balance the need for further monetary stimulus in the face of the pandemic-induced weakness in the economy, against the importance to not undermine sound saving and investment decisions in the economy,” Uanguta said.
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