Regulatory Alerts2020-02-04
Bank of Namibia Act 2020
Promulgated by the President of Namibia following parliamentary approval, the Bank of Namibia Act 2020 establishes the central bank’s legal framework, statutory mandate, and operational independence. The legislation mandates the Bank to implement monetary policy, issue currency, manage foreign reserves, and exercise macro-prudential oversight while restricting prohibited activities and defining a N$500 million authorized share capital wholly held by the Government. It outlines comprehensive institutional arrangements, including Board composition and powers, fixed terms for Governors and Deputy Governors, a dedicated Monetary Policy Committee, and clear financial reporting obligations to the National Assembly.
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