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?
Political Structure
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.
Prominent Figures
President: Hifikepunye Pohamba
Prime Minister: Nahas Angula
Governor of the Central Bank of Namibia: Tom Alweendo
Key Economic Factors
Economic Overview: 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.
Industries: Meatpacking, fish processing, dairy products, and mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper).
Import Commodities: Foodstuffs, petroleum products and fuel, machinery and equipment and chemicals.
Export Commodities: Diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish and karakul skins.
Major Trading Partners: European Union and US.
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