Namibia’s preliminary stock of international reserves now stands at 2.46 billion U.S. Dollars as of July 31, according to the Bank of Namibia.

The central bank in a Monetary Policy statement released on Wednesday said the rise in the international reserves was both on a monthly and annual basis and can be attributed to the African Development Bank loan inflow and the repayments by the National Bank of Angola.

“At this level, the stock of international reserves is estimated to cover 5.5 months of imports of goods and services, and thereby remains sufficient to sustain the currency peg between the Namibia Dollar and the South African Rand,” the statement said.

Meanwhile, the figures released on Wednesday show that there has been further improvement in the reserves as compared to statistics released in June which had recorded a record high of 2.15 billion U.S. dollars. Enditem

Source: Xinhua/Newsghana.com.gh