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BoN's Role
The Role of the Bank
On the foundation of a constitutional provision, it is clear that the Bank should play an important role in Namibia. The lawmakers therefore made a constitutional provision for such a financial institution to be established in the country.
The mandate of the Bank of Namibia is to promote and maintain a sound monetary, credit and financial system in the country. A sound monetary system refers to a stable, reliable and acceptable currency as well as to all other payment instruments in the financial system. The banking system of a country which is stable, is treated with respect in business and public circles because it is reliable. It is therefore necessary for planning and budgetary purposes that the business and public sectors know that their money will not lose value and is well cared for.
Every country needs a stable financial system. The Bank of Namibia aims to achieve this stability. Finance plays a very important role in the economy and a central bank is at the heart of the financial sector. The stability of the banking sector is also important because banks play an important role in mobilizing savings to ensure that these are channelled into productive activities which lead to economic growth and development in the country. Therefore, it is the duty of the Bank of Namibia to act as a regulator by ensuring that all commercial banks comply with certain laws and regulations.
More importantly, most commercial activities in modern societies require money to function. Money, cheques and credit or debit cards are used as means of exchange and the Bank of Namibia has to ensure that citizens have access the this means of exchange.
Repo Rate
7.0000
%
Prime Rate
11.2500
%
NCPI (
01/2010
)
6.3
%
N$/US Dollar
7.31700
N$/GBP
11.11740
N$/Euro
9.95550
L
atest Downloadable Documents
•
Economic Outlook Feb 2010
•
Monetary Policy Announcement - 24 February 2010
•
Artisan (Electrical): Banking Services Department & Research Officer: Research Department
•
Examiner:Banking Supervision Department
•
Bursary Handover - 2010
•
Banking License (FIDES)
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