Namibia's central bank left its benchmark repo rate at 7.0 percent, noting that inflation had slowed in the first four months of the year while the domestic economy remained weak.

The Board of Directors of the African Development Bank has approved a loan of US$ 226.5 million (ZAR 3 billion) to finance the Namibia Economic Governance and Competitiveness Support Programme (EGCSP).

Namibia's central bank maintained its benchmark repurchase rate at 7.0 percent, saying this rate "remains appropriate to support growth, while maintaining the one-to-one link between the Namibian Dollar and the South African rand."

THE Bank of Namibia swept in yesterday to take charge of the SME Bank following the discovery of what appeared to be unsound investments of close to N$200 million allegedly made in South Africa.