Stock of foreign reserves rise to N$54.1 billion

Sufficient to cover imports for 5.7 months
Namibia's import bill averaged N$10.5 billion during the first half of 2023.
Phillepus Uusiku
  • 8 Months Ago - 2023-09-05 00:00:00
The stock of foreign reserves increased by 2.3% to N$54.1 billion in July from N$52.9 billion recorded at the end of June 2023. The reserves are sufficient to cover imports for 5.7 months, the Bank of Namibia (BoN) said.
The rise was on account of the Southern African Customs Union (SACU) inflows, diamond sales and Customer Foreign Currency (CFC) placements.
According to the latest trade data by the Namibia Statistics Agency (NSA), Namibia’s import bill averaged N$10.5 billion during the first half (1H) of 2023.
In June, Namibia’s import bill came in at N$10.1 billion, compared to N$12 billion recorded in May. July’s trade statistics are expected to be released today.
Petroleum oils topped the list of imported goods for June 2023, with a share of 10.1% of total import value. Petroleum oils were mostly sourced from Malaysia and South Africa.
In second and third position were diamonds and motor vehicles for the transport of goods with shares of 5.3% and 4.9%, respectively.
US dollar
Fin24 reported that fuel prices are determined by the oil price and the rand-dollar exchange rate, as oil is priced in US dollars.
Brent crude oil prices increased by almost 4% over the past month as Russia cut back on its exports. Saudi Arabia has also lowered its production, while oil prices have also been firming on expectations that the US may avoid a recession and that the Chinese government will stimulate its economy.
The rand has weakened more than 1% against the dollar over the past month. The Namibian dollar is pegged to the South African rand.
Meanwhile, the ministry of mines and energy yesterday announced that petrol prices for ULP95 will increase by N$1.20, while diesel prices for both 50ppm and 10ppm will increase by N$1.70, effective tomorrow.
Therefore, the price of petrol in Walvis Bay will increase to N$20.98 per liter, while the price of diesel 50ppm will be N$20.75 per liter and that of 10ppm N$20.95 per liter.
The ministry stressed that Namibia is a price taker in the international oil market, and actions or decisions that emanate from the supply forces have a significant impact on local fuel [email protected]