(1) The Bank shall establish and manage a General Reserve Account, which shall only be used to(a) increase the paid-up capital of the Bank pursuant to subsection (5) of section 14; (b) off set losses sustained by the Bank during a financial year; (c) fund a development reserve account established under subsection (1)(a) of section 53; and (d) redeem any securities issued by the Bank pursuant to section 55. (2) Subject to the approval of the Minister, the Board may establish and manage other reserve accounts for the Bank for specified purposes. PART IV MONETARY UNITS, SYMBOLS, NOTES AND COINS OF LEGAL TENDER (ss 17-26) [NAMa15y1997s17]17 Monetary unit and symbols The monetary units of the currency of the Republic of Namibia are the Namibia Dollar (abbreviated as N$) and the cent (abbreviated as c), which is one-hundredth part of the Namibia Dollar, and the effective date remains 15 September 1993 as determined by the President by the Proclamation repealed by section 13.* [Sec 17 substituted by sec 7 of Act 11 of 2004.] [NAMa15y1997s18]18 External value of Namibian currency The Board shall, on the recommendation of the Governor after consultation with the Minister, establish the arrangements for the determination of the external value of the currency determined under section 17, having due regard to any obligations arising under any international monetary agreement to which Namibia has acceded or is a signatory. [NAMa15y1997s19]19 Issuance, manufacture and characteristics of notes and coins (1) Subject to subsection (2), the Bank shall have the sole right to issue notes and coins in Namibia, denominated in the monetary units determined under section 17. (2) The Board shall, with the approval of the Minister, determine the denominations, composition, form, design and characteristics of the notes and coins to be issued by the Bank, and the Governor shall prior to the issue of such notes and coins cause their characteristics to be published by notice in the Gazette. (3) The Bank shall arrange for(a) the printing of notes and the minting of coins and for all matters relating thereto; (b) the security and safe-keeping of unissued notes and coins; and (c) the custody and destruction where necessary, of plates and dyes used in the manufacture of currency, and of retired notes and coins. [NAMa15y1997s20]20 Legal tender Subject to section 21, notes and coins issued by the Bank shall be legal tender within Namibia and shall be valid(a) in the case of notes, for the payment of any amount; and (b) in the case of coins, for the payment of an amount not exceeding fifty times the face value of the coin concerned. [NAMa15y1997s21]21 Withdrawal of notes and coins from circulation (1) Subject to the provisions of this section, the Bank may withdraw from circulation any notes or coins issued by it under this Act. (2) For the purposes of withdrawing notes or coins from circulation, the Governor shall, on the direction of the Board, by notice in the Gazette, specify(a) the date on which such notice shall come into operation; (b) the notes or coins to be withdrawn from circulation; and