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The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials.
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
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.
The value of Zambian currency dropped following redenomination; the exchange rate was 22 kwacha to one U.S. dollar in April 2021. After the 2021 Zambian general election saw a defeat for Edgar Lungu, the currency's depreciation was reversed; as of 27 August 2021 one U.S. dollar was exchanged for about 16 kwacha. [5]
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.
This is an alphabetical list of countries by past and projected gross domestic product per capita, based on official exchange rates, not on the purchasing power parity (PPP) methodology.
Usage of: West African CFA franc Central African CFA franc The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The banking sector in Namibia is highly developed with modern infrastructure, such as online banking, cellphone banking etc. The Bank of Namibia (BoN) is the central bank of Namibia, according to the Namibian Constitution, is to "serve as the State’s principal instrument to control the money supply, the currency and the institutions of finance, and to perform all other functions ordinarily ...