Physical address and contact detail:
Bank of Namibia
71 Robert Mugabe Avenue
P O Box 2882
+264 61 283 5111
+264 61 283 5151
The Bank of Namibia was created by an act of parliament in compliance with the Namibian constitutional provision under Article 128. The Bank of Namibia started its operations on 1 August 1990. In 1993, the national currency, the Namibia dollar, was introduced and is pegged on a one-to-one basis with the South African rand.
The Bank of Namibia operates as in independent and autonomous institution, accountable to the Government and the People of the Republic of Namibia. The Bank is wholly owned by the Namibian Government.
The Governor and the Deputy Governor are appointed by the President of the Republic of Namibia in consultation with the Minister of Finance, for a term of five years. The Governor or Deputy Governor may be removed from office by the President on the grounds of misconduct, or unfitness to carry out his duties efficiently. The Board of the Bank consists of eight members, namely the Governor, Deputy Governor, the Permanent Secretary: Ministry of Finance, one staff member from the Public Service Commission, who is appointed on the recommendation of the Minister of Finance and four other persons, appointed on the recommendation of the Minister of Finance. All board members are appointed by the President for a period of five years, subject to the Namibian Constitution and the provisions of the Bank of Namibia Act.
The Bank has its own budget, which is approved by the Members of the Board.