Parliament of Namibia - Bank of Namibia Act, 1997


The Parliament of Namibia's Bank of Namibia Act, 1997 repeals and replaces the Bank of Namibia Act, 1990. The act provides for the continuation of the Bank of Namibia (BoN) as the central bank for the country serving as its principal instrument to control money supply, currency and institutions of finance. Specifically, the BoN is to promote and maintain a sound monetary, credit and financial system in Namibia and sustain the liquidity, solvency and functioning of the system. In addition, the BoN is to promote and maintain internal and external monetary stability and an efficient payments mechanism, and foster monetary, credit and financial conditions conducive to the orderly, balanced and sustained economic development of the country. The act is divided into several parts, and sets forth provisions on the following topics:

1. Bank of Namibia, Its Objects and Powers
2. Board, Management and Staff
3. Share Capital, Profits and Reserve Accounts of the Bank
4. Monetary Units, Symbols, Notes and Coins of Legal Tender
5. International Reserve, Foreign Exchange Operations and
6. Revaluation Reserve Account
7. Relations with Financial Institutions
8. Relations with the Government
9. Accounts and Statements

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Friday, December 5, 1997
Document Authors: 
Parliament of Namibia
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