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In 2020, it would be estimated that tourism would bring is $26 million Namibian dollars however due to the COVID-19 pandemic, Namibia saw a reduction of almost 90% in tourism. In the third quarter of 2021, there was an increase in tourism, however, it is estimated that it will be until 2023 when tourism returns to some kind of normality.
The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par. . The rand is still legal tender, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis loca
An employee's salary is normally paid in Namibian dollars, which is the local currency and income tax (maximum rate is 37% and is based on different income slabs) is deducted by the employer. One Namibian dollar (NAD) is always equal to one South African rand (ZAR). One United States dollar (1 US$ or US$1) = 14.50 Namibian Dollar (N$ or NAD). [31]
The Bank of Namibia (BoN) is the central bank of Namibia, whose establishment is enshrined in Article 128 of the Namibian Constitution. It is located in the capital city of Windhoek. The Bank of Namibia was established in 1990 [2] by the Bank of Namibia Act, 1990 (Act 8 of 1990). [3]
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Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1]Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
[12] In 2014, South Africa experienced its worst year against the US dollar since 2009, [13] and in March 2015, the rand traded at its worst since 2002. [13] At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 ...
The international dollar (int'l dollar or intl dollar, symbols Int'l$. , Intl$. , Int$ ), also known as Geary–Khamis dollar (symbols G–K$ or GK$ ), is a hypothetical unit of currency that has the same purchasing power parity that the U.S. dollar had in the United States at a given point in time.