The Bank of Namibia and the South African Reserve Bank have cut the repo rate several times since both countries announced states of emergency, closed borders and locked down schools and businesses to curb the spread of the coronavirus. In a statement released by Nedbank Namibia today, JG van Graan, Nedbank Namibia’s Chief Financial Officer said, “This was the right thing to do.” He said the central bank had to provide immediate relief to consumers who have been retrenched, lost income or had to close their businesses for extended periods during the lockdowns. On 19 August the BoN announced a 25 basis point reduction in the repo rate, bringing the rate at which the central bank loans money to commercial banks to a rate of 3,75%, a historic low.