What is the Namibia dollar (NAD)?
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Moody's gives Namibia a Baa3 rating, with a stable outlook. Fitch has a positive outlook with a BBB- rating.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 6.00%. This is the same as 2011, which was 6.00%.
In 2010 the total GDP was $12,170,331,921 in US Dollars, while the per capita GDP was $5,330. It grew by 4.80% over the previous year.
The latest unemployment rate for 2008 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 140.61.
The current head of the government is Prime Minister Nahas Angula, and the head of state is President Hifikepunye Pohamba (in an executive role).
The Namibian Dollar, denoted by NAD, is the legal tender of Namibia that was adopted in 1993, three years after the nation first gained independence. The country formerly used the South African Rand, a legacy of their South African rule. The Rand is still legal tender in Namibia, as the Namibian Dollar is pegged to the South African Rand. The Bank of Namibia used its first banknotes on September 15, 1993 and in December 1993, the Bank issued its first national coins. Coins in circulation include the 5 cent, 10 cent, 50 cent, The Namibian Dollar, denoted by NAD, is the legal tender of Namibia that was adopted in 1993, three years after the nation first gained independence. The country formerly used the South African Rand, a legacy of their South African rule. The Rand is still legal tender in Namibia, as the Namibian Dollar is pegged to the South African Rand. The Bank of Namibia used its first banknotes on September 15, 1993 and in December 1993, the Bank issued its first national coins.
Coins in circulation include the 5 cent, 10 cent, 50 cent, $1 and $5 coins. Banknotes in circulation include the $10, $20, $50, $100, and $200 notes.
Sovereign Ratings for Namibia
Namibia is not rated.
What does it look like?
Namibia is a republic that gained independence from South Africa in 1990, making it one of the youngest nations in the world. The Constituent Assembly of Namibia produced a constitution that established a multi-party system and a bill of rights. Namibia’s political system is divided into three branches: the executive, the legislative, and the judicial.
In the executive branch, the president serves as chief of state and the prime minister serves as head of government. The president is elected by popular vote for a five-year term, and appoints his advisory cabinet from members of the National Assembly.
The legislative branch is a bicameral legislature consisting of the National Council, made up of 26 members (serving six-year terms) and the National Assembly, made up of 72 members (elected to five-year terms).
The judicial branch consists of the Supreme Court whose judges are appointed by the president on the recommendation of the Judicial Service Commission.
Chief of State President Hifikepunye POHAMBA (since 21 March 2005)
Head of Government Prime Minister Nahas ANGULA (since 21 March 2005)
Cabinet Cabinet appointed by the president from among the members of the National Assembly
Elections president elected by popular vote for a five-year term (eligible for a second term); election last held on 27-28 November 2009 (next to be held in 2014)
Election Results Hifikepunye POHAMBA reelected president; percent of vote – Hifikepunye POHAMBA 76.4%, Hidipo HAMUTENYA 11.0%, Katuutire KAURA 3.0%, Kuaima RIRUAKO 2.9%, Justus GAROEB 2.4%, Ignatius SHIXWAMENI 1.3%, Hendrick MUDGE 1.2%, other 1.3%
Key Economic Factors
Namibia’s economy has taken on particular dependence on the extraction and processing of minerals for export. Mining revenues account for one-fifth of GDP. Rich diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia is the fourth-largest exporter of non-fuel minerals in Africa, the world’s fifth-largest producer of uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. About half of the population depends on subsistence agriculture for its livelihood. There is an uneven distribution of wealth throughout Namibia that is hidden by its high GDP per capita. Privatization of several enterprises in different industries may stimulate long-run foreign investment.
Meatpacking, fish processing, dairy products, and mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper).
Foodstuffs, petroleum products and fuel, machinery and equipment and chemicals.
Diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish and karakul skins.
Major Trading Partners:
European Union and US.
1 Namibia Dollar to:
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- Other Currencies Accepted: South African Rand
- Currency Peg:Yes
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:.58 billion (2009 est.) .49 billion (2008 est.) .06 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:English 7% (official), Afrikaans common language of most of the population and about 60% of the white population, German 32%, indigenous languages 1% (includes Oshivambo, Herero, Nama)