FNB Namibia's Exchange Control Regulations document sets out the limits and conditions for payments to be made in foreign currencies with various categories. All foreign exchange transactions are subject to comply with these regulations.
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Namibia is not a self-sufficient country and it is therefore necessary for a fairly wide variety of goods to be imported, payment of which must be made in the currency of origin or in some cases in United States Dollar (USD). It is therefore necessary for Namibia to acquire and maintain fairly substantial foreign capital reserves and the only way this can be done is by exporting locally manufactured goods or refined metals and minerals.
Recognising the crucial need to limit and control the selling of foreign currencies, the Government enacted a law in 1961 known as Exchange Control Regulations. Responsibility for the execution of this law rests with the Minister of Finance and the Treasury with certain powers being delegated to the Bank of Namibia, Exchange Control Department.
It would however be impossible for the entire country's foreign exchange needs to be satisfied by Bank of Namibia alone. Consequently various institutions, mainly banks, have been given dispensation to act on behalf of the Bank of Namibia and are referred to as Authorised Dealers. However, because the nature of the Exchange Control Regulation is very restrictive, Authorised Dealers have been issued with a document known as the Exchange Control Rulings. This document sets out the limits and conditions for payments to be made in foreign currencies with various categories, some of which are:
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