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Legal Frameworks

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The Banking Institutions Act, 1998 (Act No. 2 of 1998, as amended) is an Act of Parliament that governs banking institutions in Namibia. It contains the primary laws that relate to the authorization of persons to conduct banking business. It also serves as the framework used by the Bank of Namibia to supervise and regulate authorized banking institutions in order to protect the interests of depositors. In 2010, the Banking Institutions Act, 1998 (Act No. 2 of 1998) was amended through the Banking Institutions Amendment Act, 2010 (Act No. 14 of 2010). The changes were necessary to make provision for, amongst others:
  • Consolidated supervision;
  • The registration of controlling companies of banking institutions;
  • The opening of branches of foreign banking institutions in Namibia;
  • Power to the Bank of Namibia to object to the appointment of directors, principal officers and executive officers at banking institutions;
  • Authority to the Minister of Finance to regulate the ownership of banking institutions and their controlling companies; and
  • Power to the Bank of Namibia to determine administrative fines to address issues of non-compliance with banking laws.

Bylaws issued under the Banking Institutions Act, 1998 as amended


Bylaws issued under the Banking Institutions Act, 1998 as amended include the following:


Circulars

Circulars are notices issued by the Bank, for the purpose of promoting sound and prudential banking practices, in line with the Banking Institutions Act of 1998, (Act No.2 of 1998) as amended. The Circulars are not published in the Government Gazette but delivered by the Bank to the Principal Officers of the banking institutions.Click here to access circulars


Determinations

Determinations are Gazette Notices issued by the Bank on any matter which is required or permitted by the Banking Institutions Act of 1998, (Act No.2 of 1998), as amended, to address issues that are considered necessary and expedient to determine the prudent conduct of the banking business and consistent with the best standards and sound financial management. Click here to access Determinations


Regulations

Regulations are Gazette Notices issued by the Minister of Finance on recommendation by the Bank on any matter which is required or permitted by the Banking Institutions Act of 1998, (Act No.2 of 1998), as amended. Click here to access Regulations


Other Bylaws

Other Bylaws are secondary laws issued by the Bank in line with the Banking Institutions Act of 1998, (Act No.2 of 1998), as amended, to ensure that the banking business are conducted in a prudent manner to be sound, remain resilient to any kind of shocks and adhere to the best standards and practices of Corporate Governance. Examples of Other Bylaws issued by the Bank are Guidelines, and Gazetted Public Notices. Click here to access Other Bylaws


By laws issued under Bank of Namibia Act

The Directive on Minimum Reserve Requirement was issued under the Bank of Namibia Act of 1997 and the Bank of Namibia Act of 2004 collectively known as the "Bank of Namibia Act 1997, as amended".


Today’s rates
Inflation rates
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NCPI

CONSUMER PRICES Total (All urban areas) 12-Term % change

NCPI 6.30 May 2017
Interest rates
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Repo rate

Repurchase rate: Rate at which the private (sector) banks borrow namibian dollars from the Bank of Namibia

Prime overdraft rate (predominant rate)

Benchmark rate at which private banks lend out to the public.

Repo 7.00
Prime 10.75
Exchange rates
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NAD per US Dollar

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per British Pound

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per Euro

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per Angolan Kwanza

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

N$ / $ 12.9466 23 Jun 2017
N$ / £ 16.4579 23 Jun 2017
N$ / € 14.4634 23 Jun 2017
N$ / AOA 0.0717 23 Jun 2017

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