Foreign reserves dropped to N$55.4 billion
Namibia’s official stock of international reserves declined by 5.8% at the end of May, falling to N$55.4 billion, mainly due to net South African rand (ZAR) outflows, according to the latest monetary data.
CHAMWE KAIRA
Namibia’s official stock of international reserves declined by 5.8% at the end of May, falling to N$55.4 billion, mainly due to net South African rand (ZAR) outflows, according to the latest monetary data.
The Bank of Namibia said the decline in reserves was largely driven by net ZAR outflows through commercial banks, compounded by customer foreign currency withdrawals and foreign payments made by the government.
Despite the decline, the reserve position remained sufficient to cover an estimated 3.5 months of imports, or 3.8 months when oil and gas exploration and appraisal-related imports are excluded.
