Bloomberg News

Namibia Central Bank Sees Benefits of Keeping Currency Peg

July 01, 2011

July 1 (Bloomberg) -- Namibia’s central bank sees benefits to keeping its peg with South Africa’s rand and won’t abandon the currency union, Assistant Governor Michael Mukete said.

While a “very strong exchange rate” reduces the competitiveness of exports, the “costs are being outweighed by being within the monetary union,” Mukete told central bank officials in South Africa’s capital, Pretoria, today. Namibia’s diversion in interest rates with South Africa “should in no way be seen as Namibia wanting to get out of the currency arrangement,” he said.

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net


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