WINDHOEK, Dec. 4 (Xinhua) -- Namibia's economy continue to experienced slow growth because of global pressures despite several measures to stimulate growth, Bank of Namibia said Wednesday.
Central bank governor, Ipumbu Shiimi said they have decided to keep the repo/lending rate unchanged at 6.5 basis points to support future growth.
"Domestic economy activity continue to slow in the last 10 months compared to last year. The slow down was mostly reflected in sectors such as mining and diamond production," he said.
Shiimi also added that they expect the economy to continue shrinking worsened by the drought which has crippled agriculture.
He said Namibians continue to be subdued in terms of borrowing to support their economic activities as fear of failure to repay.
