Cross Border Foreign Exchange Transaction Reporting System
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Effective 3 March 2003, the Bank of Namibia has introduced a new reporting system that replaced the previous Forms A and E. The new reporting system provides more accurate information for statistical and policy formulation purposes and it is electronically based.
All the Authorized Dealers are required to submit their daily foreign financial reports to the Bank of Namibia via an electronic system. These include payments made to foreign parties by Namibian residents as well as the payments received by Namibian residents from foreign parties.
The new reporting system is in line with international standard of reporting and managing Balance of Payment data and it requires comprehensive reporting of transactions irrespective of their value. The compiled information is used for multi-purposes, including the compilation of balance of payment statistics of Namibia.
The Nation is therefore urged to be part and parcel of this reporting system by cooperating fully with our Authorized Dealers by providing an accurate and full description of the payment to be made or received. This will enable your bank to put the right information in the right category for balance of payment and other policy formulation purposes.
The information given to the banks is strictly confidential and can not be tampered with. As security is one of our top priorities, all information transmitted to the Bank of Namibia will be treated with the utmost care and confidentiality.
It should be taken into consideration that the new reporting system does not exempt any individual or entity from complying with the exchange control rules and regulations requirements of such transaction.
Any further information regarding the new reporting system can be obtained by accesssing the following links:
Cross Border Version 1
Cross Border Version 3