Financial Markets

Public debt management


Find out more about Public debt management.

Public debt management

Government securities are essentially IOU declarations (or debt instruments) of the Government, in line with the State Finance Act, 1991 (Act No.31 of 1991). Namibian Government securities are issued in the form of Treasury Bills (TBs) and Internal Registered Stock (IRS).

Government securities serve as a major means to finance Government deficits. The Namibian Government, like any other government, finances its operations largely through taxation and levies.

In cases where revenue received from taxation and levies is less than expenditure, the Government finances the difference (the deficit) by issuing Government securities. These securities also provide additional investment avenues for investors.

Although various avenues for savings investment are available to the public, Government securities offer the most secure investment selection. It rarely happens that a government fails to honour its obligations. As such, Government securities tend to be highly marketable and liquid – they are in high demand and can be easily bought and sold within the secondary market. Government securities also provide an additional investment outlet for financial institutions, in which they can invest their surplus funds.


The Bank of Namibia invites the public to participate in auctions for Government debt securities through placing advertisements on its website and forwarding email invitations. Invitation advertisements for tenders for Treasury Bills and bonds are disseminated and placed on the Bank’s website one week before the auction date. Tender forms can be obtained from the Bank’s website or requested via email (liquidity@bon.com.na). Bids can be submitted via the Bloomberg system; alternatively, completed tender forms can be submitted via email to liquidity@bon.com.na by 10h00 on the auction date. In respect of involved institutions and agents, tender forms must be signed under a power of attorney and accompanied by the original power of attorney.

The minimum bidding amounts for Treasury Bills and bonds are N$10,000 and N$50,000, respectively; both increase in multiples of N$10,000. Successful bidders are required to render payment to the Bank of Namibia not later than 10h00 on the next business day following the day of auction. Settlements are made through the Namibia Interbank Settlements System (NISS) or electronic funds transfers (EFTs) for individual bidders.

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