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New Global Navigation Satellite Systems (GNSS) in addition to the current American Global Positioning System (GPS) and the Russian GLONASS are being developed leading the GNSS world towards a new era where a wider plethora of services and signals will be available for the end user. The majority of such services needs high accuracy and reliability provided by the navigational interoperable systems. However, intentional and unintentional interference represent one of the main causes of accuracy degradation, and as a consequence, they are a threat to GNSS based application. This paper focuses on a performance assessment of an innovative interference mitigation algorithm based on the use of the wavelet transform, targeting narrow-band interference. The paper will assess the capability of the representation in the time-scale domain to split the interference component and the useful signal thus allowing for a removal of most of the interfering power. Performance are assessed with respect to the interference bandwidth and carrier frequency offset, the number of decomposition levels and the effect of different wavelet families.