Regulatory Alerts2010-03-20
Repeal of Foreign Currency Exposure Limits
The Bank of Namibia has repealed its existing Foreign Currency Exposure Limits determinations (BID-16) under the Banking Institutions Act, 1998. This repeal takes effect on 22 March 2010 to accommodate the operational implementation of the Basel II Capital Adequacy Framework. Financial institutions must now adhere to updated capital adequacy standards, effectively replacing the previously published General Notice 283.
N$2.00 WINDHOEK - 20 March 2010 No. 4447 GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA CONTENTS Page GENERAL NOTICE No. 86 Repeal of Determinations on Foreign Currency Exposure Limits (BID-16) ....................................... 1
General Notice BANK OF NAMIBIA No. 86 2010 REPEAL OF DETERMINATIONS ON FOREIGN CURRENCY EXPOSURE LIMITS (BID-16) Notice is hereby given that the Determinations on Foreign Currency Exposure Limits (BID-16), issued under the Banking Institutions Act, 1998 (Act No. 2 of 1998) and published as General Notice No. 283, in the Government Gazette No. 3078 of 30 October 2003, is hereby repealed with effect from 22 March 2010. This repeal is necessitated by the implementation of the Basel II Capital Adequacy Framework, which has become operational in Namibia on the 1 of January 2010.