The Bank of Namibia slashed its key interest rate on Wednesday.

The Executive Committee of the central bank reduced the Repo Rate by 100 basis points to 8% with effect from April 16.

Taking into consideration both the international and domestic economic conditions, the EC is of the view that a further round of monetary policy easing was necessary to support the local economy by providing a stimulus for consumer and investment demand expansion, the central bank stated.

The central bank said it will watch domestic and international economic developments and will not hesitate to take necessary steps to further stimulate economic activity.

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