Regulatory Alerts1998-07-03
Clarification Relating to Determinations on Minimum Local Assets (BID-7)
The Bank of Namibia issued Circular BIA 6/98 to clarify the definition of local assets under its Minimum Local Assets Determinations (BID-7). This clarification explicitly includes debit balances denominated in South African Rand held in clearing accounts with associate banks in South Africa, provided they are situated within Namibia. Banking institutions must return a completed, external auditor-co-signed acknowledgment of receipt to the Bank's supervision office.
Share