Namibia’s Central Bank Governor Pledges Support for Economy

(Bloomberg) -- Namibia’s new central bank governor said he will continue to focus on inflation and financial stability in the southern African nation while seeking to boost an economy that’s contracted in three of the last four years.

“Inflation is currently under control and interest rates at their lowest since independence,” Johannes !Gawaxab told reporters at a briefing to mark his 100th day in office. “We are now required to support the other economic goals of the government, particularly those relating to unemployment, narrowing inequality, financial stability and the efficiency of the financial system.”

!Gawaxab, a former Old Mutual Group Ltd. executive, replaced Ipumbu Shiimi, who was appointed as finance minister in March.

The Bank of Namibia forecasts the economy will contract by 7.8% this year before recovering to expand by 2.1% in 2021 and 2.7% in 2022.

Read More: Namibia Cuts Key Interest Rate Fifth Time to Support Economy

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