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Functions of BoN
The objective of the central bank of Namibia, according the Namibian Constitution, is to “serve as the State’s principle instrument to control the money supply, the currency and the institutions of finance, and to perform all other functions ordinarily performed by a central bank”. The Bank of Namibia Act No. 15 of 1997 further elaborates on this by laying down the following objectives:
- To promote and maintain a sound monetary, credit and financial system, in Namibia and sustain the liquidity, solvency and functioning of that system.
- To promote and maintain internal and external monetary stability and efficient payment mechanism;
- To foster monetary, credit and financial conditions conducive to the orderly, balanced and sustained economic development of Namibia;
- To serve as the Governments’ banker, financial advisor and fiscal agent; and
- To assist in the attainment of national economic goals.
Functions of the Branch:
- To provide banking services to commercial bank branches that are situated in the northern part of the country.
- To provide banking services to government ministries that have branches established in the north.
- To ensure that the right quality of notes are in circulation for the purpose of avoiding counterfeiting and for use in automatic note dispensing teller machines by commercial banks customers.
- To provide information to the general public on the functions of the Bank of Namibia and in particular functions such as the issuer of government securities and how the tender process in respect of such securities, works.
- To provide efficient services to its customers through the establishment of a close working relationship with its stakeholders for the purpose of better understanding of their requirements.
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Rates |
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| Bank Rate |
10.50% |
| Prime Rate |
15.25% |
| NCPI |
10.30% |
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