The Bank of Namibia (BoN) is the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
of
Namibia
Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...
, whose establishment is enshrined in Article 128 of the
Namibian Constitution. It is located in the capital city of
Windhoek
Windhoek (, , ) is the capital and largest city of Namibia. It is located in central Namibia in the Khomas Highland plateau area, at around above sea level, almost exactly at the country's geographical centre. The population of Windhoek in 202 ...
. The Bank of Namibia was established in 1990 by the ''Bank of Namibia Act, 1990'' (Act 8 of 1990). The Bank of Namibia is the only institution that is permitted to issue the
Namibian dollar
The Namibian dollar (symbol: N $; code: NAD) has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. It is divided into 100 ...
by authority that has been given to it under an Act of the
Namibian Parliament. The head of the Bank of Namibia is the
Governor of the Bank of Namibia.
Governors
The Governors to date have been:
* Wouter Bernard (16 June 1990 - 31 August 1991)
* Erik Lennart Karlsson (1 September 1991 - 31 December 1993)
* Jaafar bin Ahmad (1 January 1994 - 31 December 1996)
*
Tom Alweendo (1 January 1997 - 25 March 2010)
*
Ipumbu Shiimi (25 March 2010 - 1 June 2020)
*
Johannes !Gawaxab (1 June 2020 - present)
The bank is engaged in policies to promote
financial inclusion
Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
and is a member of the
Alliance for Financial Inclusion
The Alliance for Financial Inclusion, or AFI, is a policy leadership alliance owned and led by member central banks and financial regulatory institutions with the common objective of advancing financial inclusion at the country, regional and inte ...
.
On March 5, 2012, the Bank of Namibia announced it would be making specific commitments to financial inclusion under the
Maya Declaration.
See also
*
Namibian dollar
The Namibian dollar (symbol: N $; code: NAD) has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. It is divided into 100 ...
*
Economy of Namibia
*
List of central banks of Africa
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of bot ...
*
List of central banks
References
External links
*
{{authority control
Government-owned companies of Namibia
Economy of Namibia
Namibia
Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...
Banks established in 1990
Banks of Namibia
Companies based in Windhoek
Namibian companies established in 1990