[Definition of "affiliate" substituted by sec 1(a) of Act 11 of 2004.]
"Bank" means the Bank of Namibia referred to in section 2;
"banking institution" means a banking institution as defined in section 1 of the
Banking Institutions Act, 1998 (Act 2 of 1998);
[Definition of "banking institution" substituted by sec 1(b) of Act 11 of 2004.]
"Board" means the board of the Bank referred to in section 4;
"Deputy Governor" means the Deputy Governor of the Bank appointed under Article
32(4)(b) (bb) of the Namibian Constitution;
"General Reserve Account" means the General Reserve Account established under
section 16;
"Governor" means the Governor of the Bank appointed under Article 32(4)(b) (bb) of
the Namibian Constitution;
"member" means a member of the Board;
"Minister" means the Minister of Finance;
"Rand" means the currency of the Republic of South Africa;
"special drawing right" means a unit of an international reserve asset provided for in
the Articles of Agreement of the International Monetary Fund;
"this Act" includes any regulation made thereunder.
[NAMa15y1997s2]2 Continuation of Bank of Namibia as central bank of Namibia
(1) The Bank of Namibia established by section 2 of the Bank of Namibia Act, 1990
(Act 8 of 1990), shall, notwithstanding the repeal of that Act by this Act, continue to exist as
a juristic person under that name as the central bank of Namibia.
(2) The head office of the Bank shall be situated in Windhoek, and the bank may(a)
establish branches elsewhere in Namibia or, with the approval of the Minister,
abroad; and
appoint agents and correspondents in Namibia or abroad.
[NAMa15y1997s3]3 Objects
The objects of the Bank shall be(a)
to promote and maintain a sound monetary, credit and financial system in
Namibia and sustain the liquidity, solvency and functioning of that system;
to promote and maintain internal and external monetary stability and an
efficient payments mechanism;
to foster monetary, credit and financial conditions conducive to the orderly,
balanced and sustained economic development of Namibia;
to serve as the Government's banker, financial advisor and fiscal agent; and
to assist in the attainment of national economic goals.
Mission statement of Bank
The Bank shall have a mission statement spelling out clearly the main purpose and
vision of the Bank based on its objects as provided in section 3.
[Sec 3A inserted by sec 2 of Act 11 of 2004.]
Bank to perform its functions independently
Subject to section 49 and regular consultations with the Minister, the Bank, in pursuit
of its objects, shall perform its functions independently.
[Sec 3B inserted by sec 2 of Act 11 of 2004.]
[NAMa15y1997s4]4 Constitution of Board

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