Bank of Namibia | Museum

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 Timeline of Bank Governors

  • 1990
     
    Bank of Namibia - Previous Governor - Dr Wouter Bernard
    Dr Wouter Bernard

    16 June 1990 -
    31 August 1991

  • 1991
     
    Erik Lennert Karlsson

    1 September 1991 -
    31 December 1993

    Bank of Namibia - Previous Governor - Erik Lennart Karlsson
  • 1994
     
    Bank of Namibia - Previous Governor - Dr Jaafar bin Ahmad
    Dr Jaafar bin Ahmad

    1 January 1994 -
    31 December 1996

  • 1997
     
    Hon. Tom Alweendo

    1 January 1997 -
    25 March 2010

    Bank of Namibia - Previous Governor - Hon. Tom Alweendo
  • 2010
     
    Bank of Namibia - Previous Governor - Hon. Iipumbu Shiimi
    Hon. Ipumbu Shiimi

    25 March 2010 -
    1 June 2020

  • 2020
     
    Johannes !Gawaxab

    1 June 2020 -
    Present

    Bank of Namibia - Current Governor - Johannes !Gawaxab

 Bank of Namibia Milestones & Historical Timeline

The Bank of Namibia (BoN) was established in accordance with a provision in the Constitution of the Republic of Namibia, Chapter 17, Article 128 as amended by Namibian Constitution Third Amendment Act, 2014 (Act No. 8 of 2014), as amended by the Bank of Namibia Act 1 of 2020

  • Milestone Icon - Alliance

    1988

    SWAPO & Sweden Aliance

    SWAPO approached Sweden about the possibility of assistance specifically with the establishment of a central bank.

    Milestone 1
  • Milestone Icon - New Governor

    1990 - 1991

    New Governor Appointed

    Dr. W. L. Benard appointed as the first ever Governor of the Bank of Namibia.

    Milestone 1
  • Milestone Icon - Operations

    1990

    Official Commencement of Bank of Namibia Operations

    The bank of Namibia was founded on 16 July 1990 and commenced its operations on 1 August 1990.

    The central bank was initially called the 'Swabank', which was later changed to commercial Bank of Namibia.

    Milestone 3
  • Milestone Icon - Expansion

    1991

    The Growth/Expansion of the Bank

    By 31 January 1991, the Bank of Namibia in the 1st year had appointed 42 nationals in positions which were previously occupied by staff recruited by IMF, UNDP and SIDA. The bank of had seven departments by 1991.

  • Milestone Icon - Legal Tender

    1993

    Official Launch of Namibia's Legal Tender

    On 14 September 1993 the founding father, his excellency Dr. Sam Nujoma launched the Namibia dollar. It officially became the legal tender on the 15th of September 1993. The issuing of the Namibia dollar coins started on 8 December 1993.

    The issuance of the Namibia dollar notes began with the denomination of N$10, N$50, N$100.

    Milestone 4
    Milestone 4
  • Milestone Icon - New Governor

    1992 - 1993

    New Governor Appointed

    E. L. Karlsson appointed as the new Governor of the Bank of Namibia.

    Milestone 5
  • Milestone Icon - Construction

    1994

    The Construction of the new Bank Headquarters

    Within 4 years of the establishment of the Bank of Namibia, the former SARB building could no longer accommodate the staff of the central bank. It is against this background that in 1994, the board decided to construct a new building.

  • Milestone Icon - New Governor

    1994 - 1996

    New Governor Appointed

    Dr. J. Bin Ahmad appointed as the new Governor of the Bank of Namibia.

    Milestone 6
  • Milestone Icon - New Banknotes

    1996

    New Bank Notes Introduced

    The N$20 and N$200 bank note denomination were introduced in 1996.

    Milestone 7
  • Milestone Icon - New Headquarters

    1999

    New Headquarters Completed

    The new building was completed in March of 1999 and was officially inaugurated the new bank of Namibia building on 23 June 1999.

    Milestone 8
  • Milestone Icon - New Governor

    1997-2010

    New Governor Appointed

    T.K. Alweendo appointed as the new Governor of the Bank of Namibia.

    Milestone 9
  • Milestone Icon - New Branch

    2002

    New Branch Opened in Oshakati

    To accommodate growing economic activities in northern regions, the Bank decided to establish a branch in Oshakati. The branch was inaugurated in August 2002 and officially opened on 15 July 2002.

    Milestone 10
  • Milestone Icon - New Establishment

    2003

    Launch of Namclear

    Establishment of Namclear.

    Milestone 11
  • Milestone Icon - New Innovation

    2004

    New Innovation With Electronic Fund Transfers

    Implementation of the Electronic Fund Transfer System within NISS.

  • Milestone Icon - New Establishment

    2006 - 2008

    Establishment of Financial Intelligence Centre

    2006: A defacto Financial Intelligence Centre was established within the Bank of Namibia.

    Milestone 12

    2008:The Financial Intelligence Centre opened its doors.

  • Milestone Icon - New Governor

    2010 - 2020

    New Governor Appointed

    I.W Shiimi appointed as the new Governor of the Bank of Namibia.

    Milestone 13
  • Milestone Icon - Celebration

    2010

    20th Year Anniversary Celebration

    Celebrated the banks 20th year anniversary and launched the NS10 commemorative note.

    Milestone 14 - A Milestone 14 - B
  • Milestone Icon - Digital Innovation

    2011

    The Bank's New Digital Frontiers

    The Bank upgraded its accounting and financial System and launched its newly designed website. It also commenced with the construction of the Disaster recovery site.

  • Milestone Icon - New Banknotes

    2012

    New Banknotes Released

    The bank issued new bank notes with new futures and also enacted the new Financial Intelligence Act.

  • Milestone Icon - Project Investments

    2013

    Project Investments

    In 2013, the Bank continued enhancing its physical structure by focusing on 3 projects:

    • The Business Continuity and Disaster Recovery site project.
    • The Vault Area Heaving Floor project
    • And the UN-interrupted Power Supply project.
  • Milestone Icon - New Establishment

    2019

    Establishment of the Namibia Deposit Guarantee Authority

    The bank made remarkable progress in the establishment of the Namibia Deposit Guarantee Authority (NDGA).

  • Milestone Icon - New Governor

    2020 - Current

    New Governor Appointed

    J. !Gawaxab appointed as the new Governor of the Bank of Namibia.

    Milestone 15
  • Milestone Icon - New Banknotes

    2020

    30th Indepedence Banknotes Introduced

    On 21 March 2020, the bank disclosed the new commemorative N$30 bank note which symbolized 30 years of independence.

    Milestone 16
  • Milestone Icon - New Establishment

    2021

    Establishment of the NDGA Scheme

    In 2021, the Bank of Namibia launched the deposit guarantee scheme to protect depositors from the loss of their deposits.

    Milestone 17
  • Milestone Icon - New Launch

    2022

    Launch of the Sovereign Wealth Fund & New Website

    In collaboration with Ministry of Finance, the Bank launched the Welwitschia Sovereign wealth fund. It also launched its new website in the same year.

    Milestone 18
With its vision of sustainable economic development through effective monetary policy and an inclusive and stable financial system for the benefit of all Namibians, the bank aspires to be a leading future fit central bank committed to a prosperous Namibia.

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