Namibians with loans face higher borrowing costs after the Bank of Namibia increased the repo rate by 25 basis points to 7%, pushing the prime lending rate to 10.5%. The decision comes as inflation reached 5.4% in September, while rising global oil prices, which recently hit US$116 per barrel, continue to put pressure on household budgets. The central bank says the increase is necessary to protect the Namibia dollar's peg to the South African rand and contain inflation. Meanwhile, Namibia's trade deficit has widened to N$33.5 billion, compared with N$17.8 billion a year earlier. Photo contributed