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Bank of Namibia

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Bank of Namibia
Logo of the Bank of Namibia
Logo of the Bank of Namibia
HeadquartersRobert Mugabe Avenue, Windhoek, Khomas Region, Namibia
Established9 July 1990; 34 years ago (1990-07-09)
Ownership100% state ownership[1]
GovernorJohannes !Gawaxab
Central bank ofNamibia
CurrencyNamibian dollar
NAD (ISO 4217)
Reserves1 680 million USD[1]
Bank rate4.25%
Preceded bySouth African Reserve Bank
Websitewww.bon.com.na

The Bank of Namibia (BoN) is the central bank of Namibia, whose establishment is enshrined in Article 128 of the Namibian Constitution. It is located in the capital city of Windhoek. 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.

Governors

The Governors to date have been:[4]

This list is complete and up to date as of May 2020.
  • Wouter Benard (16 June 1990 - 31 August 1991)[5]
  • Erik Lennart Karlsson (1 September 1991 - 31 December 1993)[5]
  • Jaafar bin Ahmad (1 January 1994 - 31 December 1996)[5]
  • Tom Alweendo (1 January 1997 - 25 March 2010)[6]
  • Ipumbu Shiimi (25 March 2010 - 1 June 2020)[7]
  • Johannes !Gawaxab (1 June 2020 - present)[8]

The bank is engaged in policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.[9] On March 5, 2012, the Bank of Namibia announced it would be making specific commitments to financial inclusion under the Maya Declaration.

In May 2024, Bank of Namibia and NPCI International Payments Ltd. (NIPL), the international arm of India's National Payments Corporation of India (NPCI) collaborated on Instant Payment System Implementation inspired by India's Unified Payment Interface (UPI).[10]

See also

References

  1. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ Sherbourne, Robin. Guide to the Namibian Economy 2013/14. Institute for Public Policy Research, Namibia. p. 14. ISBN 978-99945-78-14-6.
  3. ^ "Bank of Namibia Act, 1990". Government Gazette of the Republic of Namibia. No. 42. 9 July 1990.
  4. ^ "Bank of Namibia - Previous Governors of the Bank of Namibia". Archived from the original on 2020-09-18. Retrieved 2020-04-15.
  5. ^ a b c Cuhaj, George S. (2011). Standard Catalog of World Paper Money. ISBN 978-1-4402-1584-1.
  6. ^ Tom Alweendo Namibia Institute for Democracy Archived June 11, 2011, at the Wayback Machine
  7. ^ "Bank of Namibia - Board members of the Bank". www.bon.com.na. Archived from the original on 2 February 2017. Retrieved 20 September 2016.
  8. ^ "- The Namibian".
  9. ^ "Namibia. Member Map". Alliance for Financial Inclusion. Retrieved 20 October 2016.
  10. ^ "India's NPCI and Bank of Namibia Collaborate on Instant Payment System Implementation". Fintech Industry Examiner. Retrieved 2024-05-03.
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