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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
In 2022, Namibia was the seventh largest exporter of charcoal globally, with total export volumes of over 280,000 tonnes and revenues of USD 75 million. [35] Other products from local encroacher biomass include bush-based animal fodder, [ 36 ] [ 37 ] wood-plastic composite materials, [ 38 ] thermal energy in a cement factory [ 39 ] and a ...
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.
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 South African rand is legal tender in the Common Monetary Area member states of Namibia, Lesotho, and Eswatini, with these three countries also having national currencies: (the dollar, the loti and the lilangeni respectively) pegged with the rand at parity and still widely accepted as substitutes.
An employee's salary is normally paid in Namibian dollars, which is the local currency and income tax (maximum rate is 37% and is based on different income slabs) is deducted by the employer. One Namibian dollar (NAD) is always equal to one South African rand (ZAR). One United States dollar (1 US$ or US$1) = 14.50 Namibian Dollar (N$ or NAD). [31]
Namibia will kill more than 700 wild animals and distribute meat to those struggling with food insecurity as the country grapples with its worst drought in 100 years.
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]