07 February 2025 BIz News

Inflation Rate Drops to 3.2% in January The Statistics Agency has released its latest report on the country’s inflation rate, revealing a decline in the annual headline inflation rate to 3.2% for January 2025. This marks a notable drop from the 5.4% recorded in January 2024. The decrease is attributed to lower fuel prices and easing food costs, providing relief to consumers.

Minerals Council SA Calls for Faster Mining Approvals The Minerals Council South Africa has urged the government to expedite mining approvals to ensure the sector remains competitive globally. According to the council, bureaucratic delays are deterring investment and hindering growth in the industry. Industry leaders warn that prolonged approval processes could result in lost opportunities for economic expansion.

Zimbabwe Holds Interest Rates Amid Rising Inflation Zimbabwe’s central bank has decided to maintain its monetary policy rate at 35% despite surging inflation in January, largely driven by food and housing costs. Reuters reports that the country’s gold-backed currency, introduced in April 2024, continues to face significant devaluation, with the Zimbabwe Gold currency declining steadily since September. Policymakers are under pressure to stabilize the currency and curb inflationary pressures.

Japanese Yen Surges as Markets Expect More Rate Hikes The Japanese yen has reached a nine-week high as investors anticipate additional interest rate hikes from Japan’s central bank, according to Yahoo Finance. Meanwhile, the U.S. dollar and other major currencies have remained stable ahead of the release of the U.S. monthly payrolls report. Following market fluctuations triggered by U.S. tariff threats, traders are closely watching the upcoming employment data for further market direction.

Financial Indicators

• Namibia Dollar Exchange Rates: 18.43 to the US$, 19.14 to the Euro, and 22.91 to the British Pound.
• Gold Price: US$2,855.52 per fine ounce.
• Brent Crude Oil: US$74.61 per barrel.
• Bitcoin Price: US$1,797,340.23 per coin.

Stay tuned for more financial updates on Biz News.