Namibia: Foreign Reserves Pick up in December

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Enterprise Television- Namibia: Foreign Reserves Pick up in December

After declining at the end of November to a five-month low of N$28,5 billion, Namibia’s stock of foreign reserves rose at the end of December 2017 to a balance of N$29,7 billion.

Bank of Namibia statistics yesterday reveal that the increase in the reserves was mainly due to Sacu inflows and the second disbursement of the AfDB loan during the review period.

The annual growth in PSCE edged higher to 5,1% at the end of December 2017, increasing by 0,4 percentage points compared to the previous month.

Growth in total credit extended to businesses rose at the end of December 2017. The annual growth in total credit extended to businesses edged up to 2,7% at the end of December 2017 from a growth of 1,3% at the end of November 2017.

The improved growth was mainly in line with businesses gearing up for the festive season in order to meet consumers’ demands during December 2017, thus increasing their demand for short-term borrowing such as overdraft credit, other loans and advances.