Here is a detailed financial historical report on Namibia, in English, based on the provided search results:
Country ISO Code: NA
Official Language: English
Currency Name: Namibian Dollar
Currency ISO Code: NAD
Subdivision: 1 Namibian dollar = 100 cents
Issuing Authority: Bank of Namibia
Namibia gained independence in March 1990 and sought to establish economic and monetary sovereignty.
The Bank of Namibia was established in July 1990 as the central bank, laying the foundation for a national currency.
The Namibian dollar (NAD) was officially introduced on September 15, 1993, replacing the South African rand, which had been in use since independence.
The rand remains legal tender in Namibia and is accepted on a one-to-one basis with the Namibian dollar due to a currency peg.
The name "Namibian dollar" was chosen after considering alternatives such as "Namibian Kalahar," referencing the Kalahari Desert.
The Namibian dollar is abbreviated as $ or N$ to distinguish it from other dollar currencies.
It is divided into 100 cents.
Banknotes initially issued were in denominations of 10, 50, and 100 dollars, with later additions including 20 and 200 dollars.
Coins were first issued in December 1993, including 5, 10, and 50 cents (nickel-plated steel) and 1 and 5 dollars (brass).
From January 2019, 5-cent coins are no longer minted but remain in circulation.
Banknotes feature portraits of national heroes such as Hendrik Witbooi and Sam Nujoma, reflecting Namibia's cultural heritage and history.
The Namibian dollar is pegged to the South African rand at a 1:1 exchange rate, providing stability due to South Africa being Namibia’s largest trading partner.
The rand is widely accepted in Namibia alongside the Namibian dollar.
Namibia’s economy has grown modestly, with an average GDP growth rate of about 3% per year in the past decade.
Inflation has averaged around 5% annually between 2014 and 2019.
The NAD has depreciated against the US dollar over recent years; for example, from about 8 NAD per USD in 2011 to approximately 15 NAD per USD by late 2020.
The introduction of the Namibian dollar in 1993 was a key step in asserting Namibia’s monetary independence.
The currency’s peg to the South African rand ensures exchange rate stability and facilitates trade.
The coexistence of the NAD and the rand is a unique feature of Namibia’s monetary system.
The Bank of Namibia continues to regulate and issue currency, maintaining financial stability.
This report provides a comprehensive overview of Namibia’s currency history, features, and economic context.
If you wish, I can prepare translations of this report into Portuguese (Brazilian) or other languages.