Namibia's central bank cut its benchmark lending rate by 25 basis points to 6.75 percent Wednesday, citing the need to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand.

Namibia's economy slipped into recession in the first quarter of 2017, shrinking by 2.7 percent in the quarter following a 1.4 percent contraction in the last quarter of 2016.