Local Banking System

The Bank of Namibia is the issuer of bank notes and coins, the foreign exchange authority, lender of last resort, banker to the Government and the commercial banks, and the supervisory authority on financial institutions and monetary matters. The central bank has formal authority over Namibia's foreign exchange dealings.
Namibia enjoys excellent creditworthiness in international financial circles and is eligible to draw on the IMF, the World Bank and the African Development Bank. Namibia's external debt service is negligible.
There are four major commercial banks, three of which are linked to banking institutions in South Africa. The banking system is modern and efficient. Namibian banks are capable of handling international financial transactions and trade finances.

Foreign Exchange Controls affecting Trade

Namibia is a member of the CMA, which is an exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland. The local currency, the Namibia Dollar, is pegged on par with the South African Rand. Under the CMA Agreement, the Rand is also legal tender in Namibia. In its relations with countries outside the CMA, Namibia applies exchange controls that are the same as those imposed by the South African Reserve

General Financing Availability and Terms of Payment

The Export Import Bank of the U.S. (EXIMBANK) finances up to 85 percent of sales of U.S. goods and services to Namibia. Investment funding from OPIC is available for private sector projects in Namibia where there is significant U.S. investment or involvement.
The U.S. Department of Agriculture (USDA) provides credit guarantees for up to three years for eligible agricultural commodities. These guarantees are available through the Commodity Credit Corporation (CCC) Export Credit Guarantee Program (GSM-102).
The commercial banks in Namibia provide comprehensive domestic and international banking services. Project financing is available for agricultural products, commercial fishing, tourism, housing, and minerals and mining.

Source: U. S. Department of Commerce - National Trade Data Bank, September 3, 1999


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