Geingob rules out dropping currency peg with SA rand

news-image

Windhoek – President Hage Geingob has reiterated the Bank of Namibia’s stance that Namibia will not drop its currency peg with the South African rand.
Geingob during an interview with Bloomberg on Monday said the Namibian Dollar will not be de-linked from the rand unless something drastic happens.
The president is attending the Horasis Global Meeting in Portugal, where business leaders interact with key government officials and eminent thought leaders.

This year, discussions centre around the theme of “Catalysing the benefits of globalisation”.
“We have to consider all the options, but after having considered that we still think that backing one-on-one with the Rand is the best option,” Geingob said.
The Bank of Namibia in December said the peg arrangement remains in the best interest of Namibia, as it continues to achieve the primary objective of price stability, through a peg exchange rate regime with the ultimate aim of promoting economic growth and development.
Bank of Namibia Deputy Governor Ebson Uanguta said the bank conducts assessments on the sustainability of the current arrangement from time to time.
He added that the assessments that inform its policy advice to government concluded that the benefits from the fixed exchange rate arrangement between the two currencies outweigh the costs.
Namibia’s trade structure also shows that about 60% of goods in Namibia are imported from South Africa, and the peg arrangement helps the country to save substantially on transactional costs. - Nampa

LEAVE A COMMENT

Comments

image

Poachers have broken into Botswana’s p Read more...

10 Aug, 2018 at 01:58 PM

image

In a sign that Botswana is likely to cli Read more...

02 Jul, 2018 at 09:26 AM

image

DAR ES SALAAM - DIRECTIVES on online for Read more...

02 Jul, 2018 at 01:24 PM

image

Gaborone - Poachers have broken into Bot Read more...

04 Feb, 2019 at 07:35 AM

image

Gaborone – The Botswana government has Read more...

25 May, 2018 at 02:35 PM

image

Windhoek – The process of starting a b Read more...

23 Apr, 2019 at 02:11 PM

image

Guangzhou - Angola hopes to receive more Read more...

23 Apr, 2019 at 02:06 PM

image

The winners of the African Responsible T Read more...

23 Apr, 2019 at 01:10 PM

image

Bulawayo — On a road over a railway tr Read more...

23 Apr, 2019 at 01:08 PM

image

Sunday, 14 April, saw the premiere of th Read more...

23 Apr, 2019 at 01:07 PM

image

Gaborone - Botswana sport, for the 13th Read more...

23 Nov, 2018 at 09:35 AM

image

Heads of state and ministers who travell Read more...

30 Jul, 2018 at 02:01 PM

image

Windhoek - The European Union National I Read more...

01 Apr, 2019 at 12:33 PM

image

African sovereign funds represent only 3 Read more...

24 Sep, 2018 at 09:52 AM

image

Trust in non-government organisations ha Read more...

26 Sep, 2018 at 09:53 AM