Namibia’s foreign reserves stood at 39 billion Namibia dollars (about 2.8 billion U.S. dollars) as of May 31, partly due to an inflow from the International Monetary Fund (IMF) and Southern African Customs Union (SACU) receipts, a central bank official said Wednesday.
The IMF funds came in the form of disbursement of IMF Rapid Financing Instrument which partly contributed to the increase from the 34.7 billion Namibia dollars seen in March, said Johannes Gawaxab, the governor of the Bank of Namibia, the country’s central bank, during a Monetary Policy Committee (MPC) announcement.
According to Gawaxab, at the current level of 39 billion, the international reserves are estimated to cover six months of imports.
“At this level, the reserves remain sufficient to protect the peg of the Namibia dollar to the South African rand, while meeting the country’s international financial obligations,” he added.
Meanwhile, Namibia’s next meeting of the MPC will be held on Aug. 17. Enditem