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Namibia
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The Bank of Namibia was established in 1993 to replace the never opened Namibia Reserve Bank. The Bank of Namibia, the country’s central bank, is the only institution that is permitted to issue the Namibian dollar by authority that has been given to it under an Act of the Namibian Parliament (Banking Institutions Act no. 2 of 1998). It also gives The Bank of Namibia regulatory mandate over commercial banks in Namibia.

The head of the Bank of Namibia is the Governor of the Bank of Namibia, currently Ipumbu Shiimi, who has been recently appointed to fill in this position. Shiimi indicated that, during his term as governor, he would like to see a more inclusive financial system as the majority of Namibians do not have access to financial services, and also ensure that the bank continues to assist the government in achieving its economic goals. It also aims to bring more competition to the Namibian market by allowing foreign banks to set up office in the country and test the market to see whether they would eventually start a fully-fledged business.

Namibia Banks

The banks authorized to serve as commercial banks in Namibia are: Bank Windhoek Limited, Nedbank Namibia Limited, First National Bank of Namibia Limited, and Standard Bank of Namibia Limited.

Currency

The Namibian dollar (symbol: N$, code: NAD) is the official currency of the country. It is pegged with the South African rand at par. It is nominally subdivided into 100 cents. The country’s coins are issued as N$5, N$1, 50 cents, 10 cents and 5 cents. The banknotes being circulated are in N$200, N$100, N$50, and N$20 dominations. The Namibian dollar per US$ rate is 7.65 (2010) and the inflation rate was estimated at 8.8% in 2009.


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