The Bank of Namibia on Friday hosted a one-day seminar on the impact of COVID-19 under the theme ‘Mapping the way to recovery’ in Windhoek. Nampa reports that BoN Governor Johannes !Gawaxab said despite successive reductions of the repo rate, Private Sector Credit Extension remains subdued. “The key factor underpinning weak PSCE was the contraction in credit extended to businesses because of repayments and write-offs made during the period under review” !Gawaxab said. He went on to say that since, the effective implementation of the debt relief measure on 01 April 2020, the banking industry received over 22 thousand applications for repayment holidays for the period up to July 2020 which declined to just above 19 thousand as of 30 September 2020.