The objective of the central bank of Namibia, according the Namibian Constitution, is to “serve as the State's principle instrument to control the money supply, the currency and the institutions of finance, and to perform all other functions ordinarily performed by a central bank”..
What is the reason for the banking system?
Although banks do many things, their primary role is to take in funds—called deposits—from those with money, pool them, and lend them to those who need funds. Banks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money)..
What is the role of Bank of Namibia?
The objective of the central bank of Namibia, according the Namibian Constitution, is to “serve as the State's principle instrument to control the money supply, the currency and the institutions of finance, and to perform all other functions ordinarily performed by a central bank”..
When was the banking Act?
Authorised Banking Institutions: First National Bank Namibia Limited. Standard Bank Namibia Limited. Nedbank Namibia Limited..
When was the banking Act?
Being an Act to provide for the licensing of persons carrying on banking business, the regulation and supervision of banking activities, the protection of depositors and to provide for other related matters with a view to developing and promoting a safe and sound banking system in Sierra Leone..
When was the banking Act?
The Namibian Dollar is tied to the South African Rand, which is also legal tender in Namibia..
Which bank did Namibia use?
Being an Act to provide for the licensing of persons carrying on banking business, the regulation and supervision of banking activities, the protection of depositors and to provide for other related matters with a view to developing and promoting a safe and sound banking system in Sierra Leone..
Which bank is for Namibia?
Authorised Banking Institutions: Bank Windhoek Limited. First National Bank Namibia Limited. Standard Bank Namibia Limited. Nedbank Namibia Limited..
Which banks are used in Namibia?
Commercial banks with a banking license are:
Banco Privado Atl\xe1ntico Namibia.Bank BIC Namibia Limited.Bank Windhoek Limited.First National Bank Namibia.Letshego Bank Namibia.Nedbank Namibia Limited.Standard Bank Namibia.Trustco Bank Namibia, formerly FIDES..
Who is the head of Bank of Namibia?
Johannes Gawaxab - Governor - Bank of Namibia LinkedIn..
Who owns Bank of Namibia?
It is the only institution entitled by law to issue Namibia Dollar notes and coins, which are distributed to the public through the commercial banks. While the commercial banks are privately-owned, the Bank of Namibia is fully-owned by the Government of the Republic of Namibia and is responsible for certain functions..
Who regulates banks in Namibia?
Welcome to NAMFISA The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry..
Who was the first governor of the Bank of Namibia?
New Governor Appointed Dr. W. L. Benard appointed as the first ever Governor of the Bank of Namibia..
Why is the Bank of Namibia important?
The Bank of Namibia facilitates the clearing of cheques drawn by the commercial banks customers and the settlement of transactions between banks, lends money to commercial banks against a security when a commercial bank needs liquidity support and grants licenses for new banks..
Authorised Banking Institutions: First National Bank Namibia Limited. Standard Bank Namibia Limited. Nedbank Namibia Limited.
In support of economic growth and development in Namibia, the mandate is to promote price stability, an efficient payment system, effective banking supervision, reserves management and economic research in order to proactively offer relevant, reliable and valid financial and fiscal advice to all stakeholders.
The Namibian Dollar is tied to the South African Rand, which is also legal tender in Namibia.
13 of 2023, as amended) is an Act of Parliament that governs banking institutions in Namibia. This Act repeals the Banking Institutions Act, 1998 (Act 2 of 1998) and the Banking Institutions Act, 2010 (Act 14 of 2010), and came into effect on 8 August 2023 as per Government Notice No.
Banking Institutions Act 2023 (as amended)
The Banking Institutions Act, 2023 (Act No.13 of 2023, as amended) is an Act of Parliament that governs banking institutions in Namibia.
The Bank is empowered by the Building Societies Act, 1986 (Act 2 of 1986) as amended to regulate and supervise building societies. Any person who intends to
Can the bank of Namibia acquire shares in a banking institution?
(3) Notwithstanding any provision to the contrary contained in the Bank of Namibia Act, 1997, or in any other law, but subject to subsection (4), the Bank may, with the concurrence of the Minister, subscribe to and acquire any shares in a banking institution issued under subsection (2)
What is the bank of Namibia Act?
The Act contains the primary laws relating to the authorisation of persons to conduct banking business
The Bank of Namibia uses the Act as a framework to supervise and regulate authorised banking institutions in order to protect the interests of the depositors
What is the bank of Namibia Directive on minimum reserve requirement?
The Directive on Minimum Reserve Requirement was issued under the Bank of Namibia Act of 1997 and the Bank of Namibia Act of 2004 (collectively known as the Bank of Namibia Act 1997, as amended)
The Bank is empowered by the Building Societies Act, 1986 (Act 2 of 1986) as amended to regulate and supervise building societies
Who is a bank of Namibia officer?
any person who is an officer of - [The “Bank of Namibia Act, 1997” is Act 15 of 1997, which has been replaced by the Bank of Namibia Act 1 of 2020
] the regular receiving of funds from the public; and the spouse of such person, or any other person who has a relationship with such person as a spouse in a union in terms of the customary law;
Banking act namibia
Country in Southern Africa
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 east. Although it does not border Zimbabwe, less than 200 metres of the Botswanan right bank of the Zambezi River separates the two countries. Its capital and largest city is Windhoek.
Stock exchange in Windhoek, Namibia
The Namibian Stock Exchange (NSX) is the only stock exchange in Namibia. Based in Windhoek, it is one of the largest stock exchanges on the African continent. It has a partnership with JSE in neighbouring South Africa. The NSX is only open on weekdays, and trades continuously from 09:00 to 17:00 (WAT), excluding public holidays.
Namibia
Country in Southern Africa
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 east. Although it does not border Zimbabwe, less than 200 metres of the Botswanan right bank of the Zambezi River separates the two countries. Its capital and largest city is Windhoek.
Stock exchange in Windhoek, Namibia
The Namibian Stock Exchange (NSX) is the only stock exchange in Namibia. Based in Windhoek, it is one of the largest stock exchanges on the African continent. It has a partnership with JSE in neighbouring South Africa. The NSX is only open on weekdays, and trades continuously from 09:00 to 17:00 (WAT), excluding public holidays.
