Namibians might have to brace themselves and expect rising interest rates throughout the course of the year, according to Diederik Kruger, who is the head of funding and liquidity management at Namibia’s Bank Windhoek. ‘The SA Reserve bank warned against the inflation pressures and hiked rates since November 2021 to curb the inflation further. The expectations are that rates will continue to increase for the remainder of this year and could be higher than expected if a new wave of lockdowns is introduced or if tensions in Europe develop further,’ Kruger said. ‘In response to the announcement by the Monetary Policy Committee of the Bank of Namibia to increase the policy rate as announced on 13 April 2022, Bank Windhoek hereby confirms the increase of its Prime Lending Rate by 0.25 percent from 7.75 percent to 8.00 percent. The Mortgage Lending Rate will increase from 8.75 percent to 9.00 percent,’ he said.
Namibians might have to brace themselves and expect rising interest rates throughout the course of the year
by Angie Scholtz | Apr 20, 2022