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The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par. . The rand is still legal tender, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis loca
[9] [15] Namibia is a net receiver of SACU revenues; they are estimated to contribute 13.9 billion NAD in 2012. [16] The Namibian economy is closely linked to South Africa with the Namibian dollar pegged to the South African rand. Privatisation of several enterprises in coming years may stimulate long-run foreign investment, although with the ...
The Bank of Namibia was established in 1990 [2] by the Bank of Namibia Act, 1990 (Act 8 of 1990). [3] The Bank of Namibia 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. The head of the Bank of Namibia is the Governor of the Bank of Namibia.
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The CMA was replaced by the present Multilateral Monetary Area (MMA) in February 1992, when Namibia formally joined the monetary union. In 1993 Namibia issued its own currency, the Namibian dollar. In 2002 a new revenue-sharing formula was introduced in SACU, which included a development component.
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His face was portrayed on the obverse of all Namibian dollar banknotes until 20 March 2012 and is still on all N$50, N$100, and N$200 notes. [5] Witbooi's diary and complete correspondence have survived and became known as the Hendrik Witbooi Papers. It is stored in the National Archives of Namibia in Windhoek. [6]
The Bank of Namibia was established in 1990 by the Bank of Namibia Act, 1990 (Act 8 of 1990). The Bank of Namibia is the only institution that is permitted to issue the Namibian dollar by the authority that has been given to it under an Act of the Namibian Parliament. The head of the Bank of Namibia is the Governor of the Bank of Namibia.