Exchange Control Frequently Asked Questions

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Almost all Namibians are affected by Foreign Exchange Regulations in one way or another.  Here are a few tips on how to comply with such regulations.


  • 1.  What is Exchange Control and how does it affect me?

    Exchange control involves measures to directly control or influence the inflow and outflow of capital over the country’s borders. Exchange Control Regulations limit the purchase and sale of foreign currency by Namibian citizens.


    As an ordinary citizen, one would be affected by the controls when one is travelling, giving cash as a gift to someone outside the Common Monetary Area (CMA), or wishing to pay for something ordered from outside the CMA or abroad, e.g. books, cars etc.

  • 2.  What is the Common Monetary Area (CMA)?

    The Republic of Namibia, Kingdom of Lesotho, South Africa and Kingdom of Swaziland are collectively known as the Common Monetary Area. There are no trade and Exchange Control restrictions between these countries and similar exchange control policies are applied by all CMA member countries, that is, the exchange control policies followed in the four (4) member countries should be consistent.


    It is also worth noting that generally exchange controls apply mostly to residents whilst, non-resident investors’ equity investments in Namibia are not subject to exchange control restrictions.

  • 3.  Why are Controls Necessary?

    Exchange Control is not only used to discipline the local demand for foreign currency in order to protect the country’s foreign exchange reserves, but also to allocate available foreign currency in the best interest of the country as a whole.

  • 4.  Who is responsible for the Administration of Exchange Control in Namibia?

    Exchange Control is the responsibility of the Ministry of Finance, which has largely delegated this authority to the Bank of Namibia (“the Bank”). The Bank has, in turn, delegated several of these functions to the Authorised Dealers. The major function of the Authorised Dealers that is, commercial banks authorised to deal in foreign currency, is to assist the Bank with the administration of exchange controls.


    All requests/applications for foreign exchange have to be made through the Authorised Dealers. In practice, foreign exchange accruing to the Namibian public is sold to the commercial banks authorised to deal in foreign exchange.


    The regulatory structure of exchange control therefore comprises the Ministry of Finance, the Exchange Control Division of the Bank of Namibia and the Authorised Dealers as well as the Authorised Dealers with Limited Authority (ADLA).

  • 5.  Who are the banks appointed as Authorised Dealers in Exchange in Namibia?

    There are currently four (4) Authorised Dealers (AD) and six (6) Authorised Dealers with Limited Authority (ADLA) namely:-


    Authorised Dealers


    (i)  Bank Windhoek Ltd
    (ii)  Nedbank Namibia Ltd
    (iii)  First National Bank of Namibia Ltd
    (iv) Standard Bank Namibia Ltd

  • Authorised Dealer with Limited Authority (ADLA)


    The ADLAS below are also referred to as Bureau de Changes:


    (i)   Casa de Cambio Forex (Pty) Ltd.
    (ii)   Magnet Bureau de Change (Pty) Ltd.
    (iii)  Namibia Bureau de Change (Pty) Ltd.
    (iv)  Novacambios Namibia (Pty) Ltd.
    (v)  Oshikango Bureau de Change (Pty) Ltd.
    (vi)  United Bureau de Change (Pty) Ltd.


  • 6.  What are the normal procedures to be followed when a person wants to make payment/transfer abroad?

    The following are the procedures:


    • Individuals must approach an Authorized Dealer of their choice for all foreign exchange related needs.
    • Positive identification in the form of Passport or Identity Document must be presented when dealing in foreign exchange transactions.
    • Where required, suitable documentary evidences e.g. invoice must be submitted in support of foreign exchange sales or purchases.
    • Dealings in foreign currency must only be done at Authorized Dealers i.e. Commercial Banks and Bureau De Changes.
    • In terms of the Exchange Control Regulation 2(1), it is illegal for unauthorized person to buy or sell foreign currency in Namibia.

  • 7.  What is the prescribed currency for trade between persons or companies within Namibia and/or CMA countries?

    Trade within Namibia should strictly be done in local currency, i.e. Currency which is legal tender in Namibia (Namibia Dollar and Rand). In terms of Exchange Control trade between CMA member countries should equally be done in local currency.


    Settlement of transactions with countries outside the CMA must be in foreign currency or Namibia Dollar from local non-resident account.


    Customers must however first contact their bankers to establish which currencies the banks are prepared to negotiate.

  • 8.  How do I get spending money for a trip overseas?

    Namibian residents are eligible for the single discretionary allowance of an amount not exceeding N$ 1 000 000 (One Million Namibia Dollar) per calendar year, for the specific purposes of travel, gifts, donations and maintenance. It implies that, a person is allowed to take out an amount in foreign currency equivalent to N$ 1 000 000-00 mentioned above per adult and an additional N$ 200 000-00 per child under the age of 12 in respect of travel outside the CMA. It should be noted that, Namibian residents (natural persons) who are under the age of 18 years may not be accorded the above-mentioned single discretionary allowance but may be accorded the travel allowance as indicated above.


    The travel allowance is only valid for one calendar year and is applicable for both business and holiday travel. This allowance may be taken in the form of either a traveller’s cheque and/or cash.


    Foreign currency is normally granted by the commercial bank or Bureau de Change handling the transaction. The arrangement to acquire foreign currency in respect of travel allowance may be made not more than 60 days prior to the anticipated departure date.

  • 9.  What documentation needs to be presented to the Bank when issuing my travel allowance?

    You are required to present your valid passport and air ticket confirming the journey to be undertaken. The Authorised Dealer is required to endorse( stamp) your air ticket with the Namibia Dollar equivalent amount of foreign currency issued with the words “Exchange “Provided”.

  • 10.  Can I invest in Europe any money left from my trip overseas?

    No, your travel allowance may only be used for travel purposes, e.g. hotels, transport etc. You are required to sell the currency back to a registered dealer within 30 days of your return. Therefore, if you travel overseas again on holiday you can buy back the remaining balance of your travel allowance for your next trip. The amount will be recorded in your air ticket.

  • 11.  What is the permissible NAD amount each traveller is allowed to export outside the CMA?

    Every person, proceeding abroad may take with them up to N$ 10 000 banknotes per trip. This amount is not regarded as forming part of your authorised travel allowance as it is intended to meet all of your immediate needs upon your return or pay for customs duties hotels, travel, etc.

  • 12.  Can I use my credit card overseas?

    Yes, you can put up to 100% of the authorised, prescribed or available travel allowance applicable to your journey on your credit card.


    Additionally, credit cards may be used to pay for miscellaneous imports over the internet within the limit of N$ 20 000-00 per annum.

  • 13.  Does the cost of a passenger ticket reduce the available travel allowance?

    No, provided the journey commences from Namibia and is paid for in local currency (i.e. Namibia Dollar and/or Rand).

  • 14.  Can I support my child studying overseas?

    Namibian residents proceeding to study abroad on a full-time basis may be granted foreign exchange to meet the cost of tuition, maintenance and other incidental expenses. The full tuition and academic fees may be permitted against production of a letter of admission. In addition they may avail of a yearly amount of up to N$ 1 000 000-00 to cover travel expenses during vacations.

  • 15.  Can funds be transferred abroad in payment of either obtaining a visa or renewing foreign passport?

    Yes, on presentation to an Authorised Dealer of original documentary evidence confirming the amount involved which does not form part of your travel allowance.

  • 16.  Can I Transfer Funds Abroad for Tours Organised Abroad for me by Travel Agents?

    Yes. However, the expenses incurred will reduce the amount available against your travel allowance.

  • 17.  How much Foreign Currency in Cash or Otherwise are Foreign Visitors or Tourists Permitted to bring into Namibia?

    Nationals of countries outside the CMA visiting Namibia temporarily/tourists are permitted to bring in any amount of foreign currency and re-export unspent portion thereof without any restrictions.


    Equally, they are allowed to exchange their foreign currency freely at any Commercial Bank or Bureau de Change or pay for services rendered or goods purchased at some selected enterprises that have been authorized for that purpose.


    Such persons may be granted foreign exchange only if the commercial bank or Bureau de Change (AD) is satisfied from documentation that the amount applied for forms part of foreign currency initially imported into Namibia or alternatively, it represents the unspent portion of the proceeds of foreign exchange imported and exchanged in Namibia.


    It is therefore of utmost importance that visitors/tourists must retain copies of receipts as proof of foreign exchange to enable them to buy back foreign currency at the time of departure from Namibia should they have unspent portion of funds initially introduced.


    In terms of Exchange Control and Customs Regulations visitors to Namibia are required to declare the money in their possession at the point of entry into or exit from Namibia.

  • 18.  Is it possible to receive travel allowance if I leave at end of one year, and then return the next year?

    No, if your visit extends from one year into the next you may not receive the second year’s facilities until you have returned to Namibia.

  • 19.  Is there limits on any personal effects or jewellery that I wish to take with me on holiday?

    The insurance value of goods must not exceeds N$ 50 000 per person. Should the value of the goods taken exceed N$ 200 000, approval must be obtained from the Bank of Namibia.

  • 20.  What documentation is required in that regard?

    An Exchange Control Declaration through the Form NEP obtained from an Authorised Dealer must be completed and must be attested on your behalf.

  • 21.  What is the purpose of this form?

    The purpose of the Form NEP is to control the export of goods not for sale abroad. This will immunise you against paying customs duties on your belongings when returning to Namibia.

  • 22.  What must I do with any surplus foreign currency upon my return from overseas?

    You are required to sell such currency back to (the Authorised Dealer) your banker within 30 days of your return.

  • 23.  Are Namibian residents allowed to Invest offshore, if yes, what is the Permissible amount for such investment?

    Yes. Provided that any natural person has met certain criteria such as the main one being the obtaining of a Tax Clearance Certificate from Inland Revenue, private individuals may invest in a foreign country (offshore) up to a maximum of N$4 Million per person, per annum. Additionally, with the approval of Bank of Namibia, investment into a holiday home in a Southern African Development Community (SADC) country may also be made. Foreign earned income may be retained offshore. This does not apply to the proceeds from exports.

  • 24.  What is the penalty for contravening Exchange Control Regulations?

    In terms of Exchange Control Regulations, every person who contravenes or fails to comply with any provision of these Regulations shall be guilty of an offence and liable upon conviction to a fine not exceeding Two Hundred and Fifty Thousand Namibia Dollars (N$ 250 000) or to imprisonment for a period not exceeding five years (5) or both.

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Barbara N. Gowaseb
Director: Payment & Settlement Systems,
Bank of Namibia



Qualifications: Currently a PhD in Management Candidate (2010 – pending) SMC University (Switzerland); Fellow at the Fletcher School Leadership Program in Financial Inclusion (2013). M. Ed - Ed Financing (2000): State University of New York at Buffalo; P/G Dipl SocSc Research Methods (1996): University of Stellenbosch; B.A (Hons) (1995): University of the Western Cape; B. Ed (1994): University of the Western Cape; P/G Dipl Higher Ed (1992): University of the Western Cape; Certificate: International Executive Development Program - WITS Business School in conjunction with London Business School (August 2009); Executive Learning on Leading and Sustaining Change: World Bank (RAMP), Paris, France - 2011. Programme in National Payment Systems: University of Stellenbosch and CENFRI (2012).


Career and Experience: Ms. Gowaseb brings with her a wealth of management and leadership experience and capability from both the private and public sector. Her career at the Bank of Namibia started as Director: Human Resources (2008 - 2011) and she currently occupies the position of Director: Payment and Settlement Systems since January 2012. Ms. Gowaseb held several senior management HR positions in Old Mutual, Barloworld Namibia and First National Bank of Namibia. Additionally, she also held a Knowledge Management position at NAMDEB. Ms. Gowaseb was part of the Editorial Committee for the "Celebrating 20 years in Central Banking" book and serves on various Boards and Committees as well as conducting part-time lecturing at the Polytechnic of Namibia since 2007.



Emile Van Zyl
Technical Advisor to the Governor,
Bank of Namibia



Qualifications: Mr van Zyl holds a Masters in Commerce (Economics) at the University of Pretoria in 1986 after completion of a Bachelor of Commerce (Economic Sciences) and Bachelor of Commerce (Honours) in Economics in 1983 and 1984 respectively at the same university. In 1987 he completed a course at the University of South Africa in Bank Risk Management and Risk Management for Financial Institutions.


Career and Experience: His career started in 1985 when he was appointed at the South African Ministry of Finance at the Policy Unit as Fiscal Policy Advisor, and later as Personal Assistant to the Director General. In 1988 he accepted the position as Economist at Senbank, a merchant bank in Johannesburg, South Africa, and soon became the Senior Economist, where he was the author of dozens of articles and publications.


In 1992 he joined the ABSA Bank ALCO unit where he was co-responsible for managing the financials risks of the bank. In 1995 he moved to Namibia to join Bank Windhoek where he held various positions, such as Manager: ALCO, Senior Manager: Corporate Banking Services, Senior Manager: Retail Banking Services, Executive Officer: Treasury and International Banking Services, and Principal Officer of the Group’s Unit Trust Management Company. He also acted as the economist during his stay at Bank Windhoek. In 2003 he moved to Simonis Storm Securities where he became the Director of Research, responsible for market and economic research. He left the company at the beginning of 2012 when he joined the Bank of Namibia as Technical Advisor to the Governor.




Sam Shivute
Director: Banking Services,
Bank of Namibia



Qualifications: Mr. SHIVUTE is a graduate of LLB (Honours) degree, B Juris degree (Both from the University of Namibia), B.Tech: Policing (Tshwane University of Technology), and a National Diploma in Police Science (Polytechnic of Namibia). In 2012, he successfully completed an International Executive Development Programme facilitated by London Business School (UK), India Institute of Management Bangalore (India) and Wits Business School (RSA). He is currently pursuing an LLM – International Finance and Banking Laws at the University of Liverpool (UK).


Career and Experience: Sam SHIVUTE is the Director: Banking Services Department at Bank of Namibia. In that capacity, he is responsible for banking services to the Government of the Republic of Namibia and all commercial banks in Namibia. He is also responsible for all aspects of currency management and the security functions of the Bank. Mr. SHIVUTE is a member of the Bank’s Management Committee and he is also a Trustee of the Bank of Namibia Provident Fund. He has been in employment of the Bank for over 10 years. Prior to his current position he served as a Deputy Director: Protection Services Division for seven years, and Deputy Director: Currency & Banking Division for two years. Prior to joining the Bank in February 2003, Mr. SHIVUTE served as a Detective in the Namibian Police. Whilst in the Namibia Police, he was seconded to the United Nations Civilian Police (UNTAET) in East Timor between 2000-2002 where he served as an Investigator and subsequently the Deputy Chief: Office of Professional Standards, Audit & Evaluations. Sam is currently on secondment to the Ministry of Finance as Commissioner: Inland Revenue.





Marsorry S.T. Ickua
Director: Information Technology,
Bank of Namibia



Qualifications: Mr Ickua has a Masters degree in Information Systems Management (MSc: ISM) from the University of Liverpool, United Kingdom (2011). Other qualifications include a Diploma in Business Computing from Varsity College (1997) and a Diploma in PC Support from Boston City Campus (2000), both in Cape Town, South Africa. Short programmes include the Management Development Program (MDP) and Advanced Project Management through the University of Stellenbosch, South Africa. In 2009, Marsorry underwent the prestigious International Executive Development Program (IEDP) through WITS Business School, South Africa (2009) in partnership with the London Business School (UK), Beijing and Shanghai (China).


Career and Experience: Mr Ickua has a distinct passion for innovation and technology; he provides vibrant leadership to the IT function. His career began in a Technical IT role at the Agricultural Bank of Namibia in March 2002, before moving to the Bank of Namibia in January 2003. Shortly after appointment, he moved up the ranks before becoming the Deputy Director: Technical & Network Services in February, 2006. Two years later, he was appointed Director of Information Technology in June, 2008. Under his leadership, various successful projects have shaped the way the Bank does central banking business, from an operational and at a national level. Through his capable team, these include virtualization and server consolidation for cost efficiency, Enterprise Resource Planning (ERP) projects, modernising the National Payment System (NISS), automating local and Government payment mechanisms through Electronic Funds Transfer (EFT) to mention but a few.


Externally, he serves on the Curriculum Advisory Board of the Polytechnic of Namibia and on the ICT Sub-Committee of the Committee of Central Bank Governors (CCBG) within the SADC region – a regional body consisting of the Directors of IT from Central Banks with the aim of realizing regional integration objectives within SADC.



Magreth Riwi Tjongarero
Head of Risk Management and Assurance,
Bank of Namibia



Qualifications: Bachelor of Accounting Degree from the University of Namibia (2000)


Career and Experience: Magreth has over 12 years of financial and auditing experience, of which more than seven years have been served at Standard Bank Namibia, internal audit department. She has a proven track record in Internal Audit with comprehensive knowledge of the commercial banking environment, applications, processes, modern internal auditing practices as well as credit risk management. From 2007, while at Standard Bank Namibia, she was responsible for performing credit risk management audits in Africa where Standard Bank has presence. In 2011, she became the Head of audit for Standard Bank Namibia until 31 July 2012 and on 6 August 2012; she joined Bank of Namibia as the Head of Risk Management and Assurance. She was also a trainee accountant at Deloitte and Touché where she completed her four year articles in 2004. She attended a number of short courses which included leadership.



Ndangi Katoma
Director: Strategic Communications
and Financial Sector Development,
Bank of Namibia



Qualifications: Master of Business Management and Administration (MBA) - University of Stellenbosch, South Africa (2010), Master of Science in Financial Economics (MSc in Fin. Econ) - University of London, United Kingdom (1999), Bachelor of Administration (B Admin.) - University of Namibia (1995). Other specialised training include Senior Management Program - University of Stellenbosch Business School, South Africa (2004), Basic Principles of Public Relations (distinction) - Public Relation Institute of Southern Africa (2003), Programme in Financial Management, University of South Africa, South Africa (2002).


Career and Experience: Mr Katoma started his working career as a Research Assistant at Namibia Economic Policy Research Unit (NEPRU) in 1994. He then joined the Government service in 1995 as an Economist/Co-operative Officer in the then Ministry of Agriculture, Water and Rural Development. In 1998, he was promoted to the position of Chief Economist/Cooperative Officer in the same Ministry. He joined the City of Windhoek in 2001 as an Executive Assistant to the Chief Executive Officer in charge of general administration, international relations and special projects both in the office of the CEO and the Mayor. In 2003, he was promoted to become the City’s Corporate Communications, Marketing and Tourism Manager responsible for the City’s integrated marketing communication services. In March 2010, Mr Katoma joined the Bank of Namibia as Head of Corporate Communications until he was appointed as Director of Strategic Communications and Financial Sector Development in 2012. His experience ranges from research, business development, administration, marketing, strategic management, communication and customer care management.



Lea Namoloh
Director: Human Resources,
Bank of Namibia



Qualifications: Executive MBA Maastricht University, The Netherlands 2003. Masters in Education, University of Namibia, 1997. Bachelor of Education(Hon), University of Bristol, England 1991. Diploma in Education, Morray House College, Scotland 1988. Diploma IN TEFL, Selly Oak College, Birmingham, England 1987. International Executive Development Programme, University of Wits, South Africa 2007. Certificate in Human Resources Management, DAMELIN 1998.


Career and Experience: Lea started her public services career in the Government of the Republic of Namibia, Ministry of Lands and Resettlement as a Training Officer. She was then promoted to the position of Deputy Director, Personnel Auditing in the Office of the Prime Minister in 1998. In the year 2000, she was again promoted to the position of Director, Human Resources, Finance and Administration in the Ministry of Regional Local Government and Housing. In 2003, Lea moved to the Ministry of Lands and Resettlement again as Under Secretary, Resettlement and Rehabilitation. She joined the corporate world in 2005 as the Director for Banking Services and was instrumental in driving a number of projects such as Government EFT, Banknote Recycling Standards, Currency Forecasting Model and the Production of the Upgraded Banknotes. She is currently heading the Department of Human Resources. Lea has served on numerous boards such as Government Institutions Pension Fund, SWABOU, Air Namibia and Namibia Wild Life Resorts.



Kuruvilla Mathew
Acting Director: Finance & Administration,
Bank of Namibia



Qualifications:Mr. Mathew has a Masters Degree in Accounting from the University of Glamorgan, United Kingdom and is also a qualified Chartered Certified Accountant (FCCA, UK). He has also undertaken the International Executive Management Development (IEDP) Programme, from the University of Witwatersrand Business School/London Business School.


Career and Experience:Mr. Kuruvilla Mathew is currently serving as the Director: Finance & Administration and Chief Financial Officer at the Bank of Namibia. He joined the Bank of Namibia in late 1999 as the Financial Accountant and was promoted to the position of Deputy Director: Finance in 2001. He held this position until he was promoted to the position of Director in 2013. Prior to his engagement with the Bank, he undertook his training with Coopers & Lybrand and then worked in the manufacturing industry. A venture into the lecturing field and business summarizes his engagements prior to joining the Bank. He is presently serving as the Chairman of the Public Accountants and Auditors Board (PAAB) of Namibia.



Ms. L. Dunn
Director: Financial Intelligence Center,
Bank of Namibia



Qualifications: Master of Laws (cum laude) with specialization in international commercial law (LLM Commercial Law) Cardiff Law School, Cardiff University, Wales, United Kingdom (2004); Baccalareus in Law (LLB) University of Stellenbosch (1997), Baccalareus in Artium (BA Law) University of Stellenbosch (1995). Specialised Training in Financial Market Integrity Leadership, World Bank (2007), Executive Leadership Wits Business School (2010), Woman in Leadership, University of America, USA (2008); Other specialized training in law, financial services regulation and finance was also done in South Africa, Namibia, United Kingdom, Australia, Kenya, Tanzania, Botswana and Mozambique.


Career and Experience: Her wealth of knowledge in law and financial services regulation, span from an impressive record as legal practitioner of the High and Supreme Court of Namibia. She practiced law both as attorney and State Advocate until July 2006 when she joined the Namibia Financial Institutions Supervisory Authority (NAMFISA) as a Legal Advisor. During her tenure at NAMFISA, her passion for serving and assisting less fortunate Namibians was evidenced by the huge success rate of settled claims between complainants and non-banking financial institutions against who claims have been registered. She remained with NAMFISA in her capacity as Legal Advisor until she was appointed as Director of the Financial Intelligence Centre. Her appointment as Director of the Financial Intelligence Centre made her the first female to occupy such position in Africa and one of only ten women in the world who currently holds such position. Leonie also serves as Chairperson of the Bank of Namibia Provident Fund Board of Trustees, Orange Babies Namibia (a welfare organization) and has been a member of the Law Society of Namibia since 1998. She also produced in Team Capacity various publications issued by the World Bank on Safeguarding and Enhancing Financial Market Integrity.



Titus Ndove
Director: Financial Markets,
Bank of Namibia



Qualifications: Master of Science in Financial Economics (MSc in Fin. Econ) - University of London, United Kingdom (2003), Graduate Fellow in Domestic Debt Markets from MEFMI (Macro Economics and Financial Management Institute of Southern and East Africa (2007) and Bachelor of Economics (B. Econ) from the University of Namibia (1998). He also attended a joint London Business School and WITS’ International Executive Development Training Programme. Other specialised training attended in economics, debt management and investments at the World Bank, International Monetary Fund and the South African National Treasury, respectively.


Career and Experience: His experience in central banking started in 1999 when he joined the Bank following a one year stint at Nedbank as Executive Trainee. Ndove’s career at the central bank began as a Junior Research Officer in the Research department. He rose through the ranks and left the Research department with a position of Senior Economist in 2006 to join the Financial Markets department as Head of the Domestic Markets Section. In 2009, he became a Deputy Director of the Investments and Domestic Markets Division in the Financial Markets Department. He served in that position until his appointment in January 2012 as Director Financial Markets. Mr Ndove has also served as an advisor to the Debt origination and cash management team of the Ministry of Finance during 2011.



Titus Ndove
Director: Financial Markets,
Bank of Namibia



Qualifications: Master of Science in Financial Economics (MSc in Fin. Econ) - University of London, United Kingdom (2003), Graduate Fellow in Domestic Debt Markets from MEFMI (Macro Economics and Financial Management Institute of Southern and East Africa 2007) and Bachelor of Economics (B. Econ) from the University of Namibia (1998). He attended Management Development Program from the University of Stellenbosch. Other specialised training attended in economics, debt management and investments at the World Bank, International Monetary Fund and the South African National Treasury, respectively. Mr Ndove was also seconded to the Ministry of Finance’s Treasury department in 2011.


Career and Experience: His experience in central banking started in 1999 when joined the Bank following a one year’s stint at Nedbank as Executive Trainee. Ndove’s career at the central bank began as a Junior Research Officer in the Research department. He rose through the ranks and left the Research department with a position of Senior Economist in 2006 to join the Financial Markets department, heading the Money and Capital Market Section. In 2008, he becomes a Deputy Director of the Investments and Domestic Markets Division in the Financial Markets Department. He served at that position until his appointment in January 2012 as Director Financial Markets. Ndove participated in various research projects at the Bank of Namibia and in the MEFMI region. He is currently representing the Bank as a Board Member of the Environmental Investment Fund of Namibia.



Romeo Nel
Director: Banking Supervision,
Bank of Namibia



Qualifications: Romeo has a Masters Degree in Banking from the University of London, United Kingdom (2013), Postgraduate Certificate in Accountancy from the University of Kwazulu Natal (2005) and Bachelor of Economics from the University of Namibia (1996). Romeo attended specialised training under the Management Development Program of the University of Stellenbosch (2009). Romeo participated in the International Executive Leadership Development Program at the Wits Business School - South Africa, the London School of Business - United Kingdom and the Institute of Management in Bangalore - India (2012). He also attended a wide range of other short technical courses with distinguished and internationally acclaimed regulatory authorities.


Career and Experience: Prior to joining the Bank, he worked at various institutions in various capacities such as Senior Customs Official at the Ministry of Finance until the year 2000 and New Business and Projects Analyst at the Development Fund of Namibia from 1997 to 1998. Before that, he was a Property and Real Estate Consultant, while studying at the University of Namibia. He also held various other temporary job engagements prior to that. Romeo joined the Bank of Namibia as an Assistant Financial Analyst in the Banking Supervision Department in 2000. In 2002, he became a Financial Analyst and was promoted to Senior Financial Analyst in 2003, a position he held until 2006. In 2007, he took charge of one of the newly created technical roles as Principal Financial Analyst before he was elevated to a Deputy Director of Policy and Regulations Division in the Banking Supervision Department in June 2008. Romeo has demonstrated vibrant leadership throughout his career, which resulted in him passing through the ranks with ease. In October 2010, he became the Director of Banking Supervision, emerging from within the ranks of the Banking Supervision Department. Romeo's knowledge and experience in regulatory matters and central banking spans over a period of 12 years. Under the leadership of Romeo in his present role as the Registrar of Banks, he has to ensure the safeguarding and enhancing of Financial Stability, Integrity and Confidence in the Banking Sector as the primary objective.



Florette Nakusera
Director: Research,
Bank of Namibia



Qualifications: She holds a Masters and an Honours degree in Economics from the University of Stellenbosch, a Bachelor degree in Commerce majoring in Economics, Management Science and Auditing from the University of Namibia. She also completed an Executive Development Programme (EDP) at the University of Stellenbosch.


Career and Experience: Ms. Nakusera is the Director of Research and Chief Economist at the Bank of Namibia. She joined the Bank as an Economist, before rising through the ranks as Senior Economist and Deputy Director of Research. Ms. Nakusera has over 15 years of experience in the field of economics, of which over 7 years has been in the financial services industry. Ms. Nakusera has written and co-authored numerous articles and papers in the field of macroeconomics. She also serves as a Director on various Boards and Committees.



Michael Mukete
Assistant Governor and
Head of Financial Stability,
Bank of Namibia



Qualifications: Mr. Mukete completed a Master of Science Degree in Investment management at City University Business School in the United Kingdom in 2001. In 1999 he obtained Advanced Diploma in Treasury Management and International Trade Finance from the Institute of Bankers of South Africa. He graduated in 1997 from the University of Namibia with a Bachelor's degree in economics and accounting.


Career and Experience: Mr Mukete joined the Bank in October 1997 from the Ministry of Agriculture, Directorate of Planning where he worked for 8 months as an Agricultural Economist. In the Bank, he started his career in the Department of Financial Markets as a Junior Dealer-in Foreign Exchange and Money Market. He subsequently occupied increasingly senior positions in the department until he became its Director in 2007. Having spent one year in that role, he was reassigned to the Banking Supervision Department as its Director, where he was responsible for regulation and supervision of banking institutions and the Oversight of National Payments Systems as well as Financial System Stability function. He has been serving as a member of the Monetary Policy Committee since 2007. Mr Mukete was appointed as Assistant Governor and Head of Financial Stability with effect from 1 August, 2010. Mr Mukete's assists the Governor in overseeing the Financial Markets, Banking Supervision, Payments Systems, Finance and Administration departments and financial stability function.



Kuruvilla Mathew
Director
Administration and Finance,
Bank of Namibia



Qualifications: Mr. Mathew has a Masters Degree in Accounting from the University of Glamorgan, United Kingdom and is also a qualified Chartered Certified Accountant (FCCA, UK). He has also undertaken the International Executive Management Development (IEDP) Programme, from the University of Witwatersrand Business School/London Business School.


Career and Experience: Mr. Kuruvilla Mathew is currently serving as the Director: Finance & Administration at the Bank of Namibia. He joined the Bank of Namibia in late 1999 as the Financial Accountant and was promoted to the position of Deputy Director: Finance in 2001. He held this position until he was promoted to the position of Director in 2013. Prior to his engagement with the Bank, he undertook his training with Coopers & Lybrand and then worked in the manufacturing industry. A venture into the lecturing field and business summarizes his engagements prior to joining the Bank.
He is presently serving as the Chairman of the Public Accountants and Auditors Board (PAAB) of Namibia.



Ebson N. Uanguta
Deputy Governor, Bank of Namibia



Qualifications: Master of Science in Economics (MSc in Economic Policy Analysis) - Addis Ababa University, Ethiopia (1999); Bachelor of Economics (Bachelor of Economics) – University of Namibia (1997). He attended several executive education programmes, including Senior Executive Fellow, Harvard Kennedy School of Government, USA (2012); Senior Management Programme, University of Stellenbosch, (2005); Project Management Programme, University of Stellenbosch, South Africa (2003).


Career and Experience: Mr Uanguta started his career at Namibia Economic Policy Research Unit (NEPRU) as a Research Assistant and Junior Researcher (1996). He joined the Bank of Namibia as an Economist in the Research Department in 2000. He became Senior Economist, Deputy Director for Economic Policy Research Division & Modelling and Forecasting Division, between 2002 and 2006. Between 2007 and 2010 he served as an Advisor in the Executive Director’s office at the International Monetary Fund, Washington D.C., USA. He became the Director of Research in 2011, and in 2012 was appointed as the Deputy Governor. Mr Uanguta has written and co-authored research papers and articles, which have been published in-house and in some regional and international journals.



Ipumbu W. Shiimi
Governor, Bank of Namibia



Qualifications: Master of Science in Financial Economics (MSc in Fin. Econ) - University of London, United Kingdom (1998), Postgraduate Diploma in Economic Principles from the same University (1995), Diploma in Foreign Trade and Management - Maastricht School of Management, Netherlands (1994), Honours in Economics from the University of Western Cape, South Africa (1993), Bachelor of Commerce in Economics and Accounting from the same University (1992), specialised training in Management Development Program from University of Stellenbosch (2000) and Wits Business School, South Africa (2001). Other specialised training in economics and finance in Tanzania and USA, as well as at the Bank of England and Reserve Bank of South Africa.


Career and Experience: His wealth of knowledge and experience in central banking span from an impressive record of technical and managerial engagement at the Bank of Namibia since 1995. His career started as a Junior Researcher at the Namibia Economic Policy Research Unit (NEPRU) in 1994. He joined the Bank of Namibia as a Senior Researcher in the Research Department and became a Manager of the Economics Division in the same department in 1997. In 1999, he became Manager of the Modelling and Forecasting Division in the Research Department. In 2000, he took over as Manager of Statistics Division in the Research Department. In 2001, he became the Deputy Head of Research Department and in 2002 he became Chief Economist and Head of Research Department. In June 2006, Shiimi became a Senior Manager in the Banking Supervision Department. He served in this position until he was appointed as Assistant Governor in November 2006. He occupied this position until March 2010 when he was appointed as Governor of the Bank. During his working career, Shiimi participated in various research projects and co-authored various publications as well as served on various Boards and Committees.



Dr M. Tjirongo
Research Advisor to the Governor



Qualifications: Dr. Tjirongo read economics at St. Antony’s College, Oxford University, where he wrote a widely-cited thesis on Exchange Rate Policy Options for Namibia. He also holds MS degree in economics from New Mexico State University, BS degree in Agricultural Business from Iowa State University, and a diploma in agricultural sciences from the University of Botswana and Swaziland. He has attended training in financial programming and policies, macro-econometric modelling and forecasting, negotiation, leadership, managerial and communication skills. Dr. Tjirongo’s research and writings are in exchange rates, exchange rate pass-through, financial inclusion, monetary and regional integration, financial sector development, fiscal policy, sources of growth, pricing of petroleum products, economic adjustment in small open economy, and monetary statistics methodology.


Career and Experience: Dr. M. Tunee Tjirongo has over 25 years experience in research, teaching and economic policy design and implementation. He has extensive experience implementing monetary and exchange rate policies, financial sector policies, fiscal policy, tax reforms, revenue administration, debt management, energy pricing, expenditure policies, public finance management, public-private partnerships, and social protection. Dr. Tjirongo has served the IMF (1999-2013) as desk officer (Tanzania, The Gambia and Eritrea); senior economist providing expert advice on monetary and financial statistics (Barbados, Ghana, Papua New Guinea, Nigeria, Liberia, The Gambia, Serbia, and Montenegro) and resident representative for Sierra Leone and The Gambia. He has taught monetary and financial statistics at the IMF Institute and in the Caribbean and Africa. Previously, he had worked at the Bank of Namibia, as Director of Research in the 1990s, the Bank of Botswana and the University of Botswana. He is currently lecturing corporate finance, derivatives and financial markets at the Namibian School of Business.