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History of the Bank
The Bank of Namibia (BoN) was established in accordance with a provision in
the Constitution of the Republic of Namibia, Chapter 17, Article 128.
The Articles states:
- There shall be established by Act of Parliament a Central Bank of the
Republic of Namibia, which shall 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 performed by a central bank.
- The Governing Board of the Central Bank shall consist of a Governor, a
Deputy-Governor and such other members of the Board as shall be prescribed by
Act of Parliament, and all members of the Board shall be appointed by the
President in accordance with procedures prescribed by such Act of Parliament.
In 1998, the Banking Institutions Act no. 2 of 1998 was passed by the
Parliament. This Act gives powers to the Bank and spelled out some regulatory
mandate over commercial banks in Namibia.
Governing of the Bank
The highest governing body in the Bank is the Board of Directors, which,
according to Section 4(2) (a, b, c, d, e), consists of the Governor, Deputy
Governor, the Permanent Secretary of Finance, one member of the Public Service
and four other members from the public.
Terms of office of the Governors
| Name |
Nationality |
Position Held |
Beginning |
End |
| Dr WL Bernard |
Dutch |
Governor |
16/07/1990 |
31/08/1991 |
| Mr E Karlsson |
Swedish |
Deputy Governor |
16/07/1990 |
31/08/1991 |
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Acting Governor |
01/09/1991 |
30/04/1992 |
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Governor |
25/11/1992 |
31/12/1993 |
| Dr J Ahmad |
Malaysian |
Governor |
01/01/1994 |
31/12/1996 |
| Mr TK Alweendo |
Namibian |
Deputy Governor |
01/01/1993 |
31/12/1996 |
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|
Governor |
01/01/1997 |
To Date |
| Mr LS Ipangelwa |
Namibian |
Deputy Governor |
01/01/1997 |
30/07/2002 |
| Mr P Hartmann |
Namibian |
Deputy Governor |
01/08/2002 |
To Date |
Expatriates from friendly countries first governed the Bank of Namibia. In 1993,
the first Namibian, Mr Tom K Alweendo, was appointed as the Deputy Governor, and
subsequently as the Governor on 1 January 1997, the position he still holds to
date. Mr Paul Hartmann deputizes him.
According to section 2 of the Bank of Namibia Act No. 15 of 1997, the head
office of the Bank of Namibia shall be situated in Windhoek. From the same Act,
the Bank draws powers to establish branches elsewhere in Namibia or abroad under
subsection 2(a), and 2 (b) empowers the Bank to appoint agents and
correspondents in Namibia or abroad.
Since its inception in 1990, the Bank operated from its head office in Windhoek
until the year 2002, when a Branch was officially opened in Oshakati, the
northern part of Namibia.
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Rates |
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| Bank Rate |
10.50% |
| Prime Rate |
15.25% |
| NCPI |
10.30% |
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