Namibia
Namibia

Namibia’s stock of foreign reserves hit a record high of 2.15 billion U.S. Dollars as recorded at the end of June 2017, according to the central bank’s Money and Banking Statistics released on Monday.

The Bank of Namibia (BoN) said the level of international reserves rose in June 2017 from 1.9 billion U.S. dollars that was recorded at the end of May 2017.

According to BoN, the increase in the level of reserves is mainly due to an inflow of international loans received for budget deficit financing.

Local brokerage firm, Simonis Storm Security (SSS) in their analysis said looking forward they expect the foreign reserves to be favorable, supported by a stronger Rand, continued quarterly settlement of outstanding amounts by Banco Nacional de Angola until January 2018, and an expected improvement of the trade balance as the mining sector strengthens.

Meanwhile, the central bank statistics said that government debt is at its all-time high of 5.3 billion U.S. dollars (July 2017), its year-to-date growth of 18.4 percent is trending below its long-run average of 24.4 percent. Enditem

Source: Xinhua/Newsghana.com.gh

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