Namibia located in Southern continental Africa is home to a population of 2 million. A major challenge to the country is the fact that 22 percent of its citizens have AIDS/HIV (2002), accordingly, this has lowered the average life expectancy down to 43 years. Namibia achieved independence in 1990 from South Africa of which it maintains a close currency relationship. The country’s mining industry remains the backbone of the economy, particularly for diamonds & uranium.
Economic Statistics
GDP as measured by purchasing power parity stands at $14.2 billion USD (2005) with corresponding GDP/Capita at $7,000 USD. GDP as measured by market prices stands at $5 billion USD (2005). GDP growth for 2005 came in at 3.5 percent of GDP. CPI inflation for 2005 at 2.7 percent. Current account is in surplus at $580 million USD (2005). International reserves stand at $365 million USD (2005). Public debt stands at 40 percent of GDP, external debt at $1.16 billion USD (2005). Mining represents 20 percent of GDP, Namibia is the world’s number five producer of uranium. No oil & gas production.
CURRENCY: ISO Symbol ‘NAD’, Namibian dollar, dollars. At time of currency review on June 16, 2006, the Namibian dollar had an exchange rate valuation of 6.845 NAD to the US-dollar (USD) and/or 8.6517 NAD to the Euroland euro (EUR). Namibia follows that of a bimonetary currency system which includes the Namibian dollar and South African rand. The Namibian dollar is pegged to the South African rand at par (1.0).
CURRENCY HISTORY: the Namibian dollar came into circulation in 1993 when it replaced the then circulating South African rand. The rand to this day remains legal tender within Namibia and forms an important part of Namibia’s currency stability with the NAD hard peg to the rand. Historical exchange quotes for the NAD include: year 1993 at 3.26 NAD to the USD, 1994 at 3.55, 1995 at 3.63, 1996 at 4.29, 1997 at 4.6, January 1998 at 4.94, 2001 at 8.6, 2002 at 10.54, 2003 at 7.56, 2004 at 6.46 and year 2005 at 6.36.
CURRENCY FORECAST: the Namibian economy and its’ currency the Namibian dollar are closely linked to the developments taking place within South Africa. For further background information relating to Namibia, please visit the currency opinion as presented by BankINTRO.com on SOUTH AFRICA within this BI.C currency index.
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