3 January 2018

Namibia: Foreign Reserves Hit Five-Month Low in Nov '17

NAMIBIA's foreign reserves declined at the end of November to a five-month low of N$28,5 billion from N$31,6 billion at the end of October 2017, stated the Bank of Namibia last Friday.

The decrease in foreign reserves, according to BoN, was mainly due to exchange rate fluctuations and foreign currency purchases by commercial banks during November.

BoN's monetary and banking statistics also revealed that the overall liquidity position of commercial banks increased to N$3,2 billion at the end of November 2017, from N$2,9 billion at the end of October 2017.

"The increase in the overall liquidity position was as a result of increased mineral sales proceeds and the maturity of various BoN bills during the month under review," the bank stated.

Another notable feature of the statistics is that growth in private sector credit extension (PSCE) slowed at the end of November 2017. The annual growth in total PSCE edged lower to 4,7% at the end of November 2017, decreasing by 0,5 percentage points when compared to the previous month.

The annual growth in broad money supply rose by 9,2% at the end of November 2017, from 8,8% in October.

The BoN statistics further revealed that overall inflation remained robust during November 2017.

The country's annual inflation rate stood at 5,2% in November 2017, maintaining the same growth rate as in the preceding month. The main inflation drivers were housing, water, electricity, gas and other fuels, education, hotels, cafes and restaurants, transport and health.

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