The Annual Speech shall not be a review of economic developments in Namibia and abroad; that you will find in our Annual Reports. I will rather try to give the Central Bank’s views and outlook on selected topics. Today, I will mostly deal with Namibia’s exchange rate arrangement.
The output gap we acknowledge by our forward guidance: Interest rates will remain at the present level, or even lower, over a longer period of time and well into the recovery. WSJ: The U.S. central bank has reacted more aggressively to disinflation risks. Is the ECB being complacent? Even by your own forecasts inflation will only be 1.7% by the end of 2016.