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|WINDHOEK Cheap Nike Air Max Plus TN Ultra , Aug. 17 (Xinhua) -- Some banks in Namibia have responded to the repo rate cut announced by the central bank Wednesday.
The Bank of Namibia cut the repo rate by 25 basis points from 7 percent to 6.75 percent citing a decline in inflation.
Inflation has declined consistently on a monthly basis since the 8.2 percent high in January; in July it fell to 5.4 percent, which is within the preferred range of 6.0 to 3.0 percent.
Standard Bank Namibia said Thursday that they had cut both the lending and home loan base rates by 0.25 percent as of Aug. 16.
The new prime lending and home base rates, the bank said, will drop from 10.75 percent to 10.50 percent.
Also on Thursday, Bank Windhoek said they had also decreased their prime lending rate by 0.25 percent, from 10.75 percent to 10.50 percent.
"The mortgage lending rate will decrease from 11.75 percent to 11.50 percent Cheap Nike Air VaporMax Plus ," Bank Windhoek said in a statement.
Bank Windhoek sees the repo rate cut as a relief to the economy that has been struggling over the last year.
"The dire condition of the domestic economy as evinced by the recession, falling inflation, high unemployment and weak credit growth has long since necessitated rate cuts," Bank Windhoek said.
Most central banks in developed economies, Bank Windhoek said, have turned dovish which tilts interest rate differentials in Namibia's favour and supports capital inflows.
"The outlook for global growth is quite positive which couldn't have come at a better time in light of the recovery in the agricultural and mining industry Cheap Nike Air Max Plus 97 ," Bank Windhoek added.
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