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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
United States dollar $ USD Centavo: 100 Ecuador: United States dollar $ USD Centavo: 100 Egypt: Egyptian pound: LE EGP Piastre [B] 100 El Salvador: United States dollar $ USD Cent: 100 Bitcoin [5] ₿ (none) Satoshi: 100000000 Equatorial Guinea: Central African CFA franc: F.CFA XAF Centime: 100 Eritrea: Eritrean nakfa: Nkf ERN Cent: 100 Estonia ...
The CMA was replaced by the present Multilateral Monetary Area (MMA) in February 1992, when Namibia formally joined the monetary union. In 1993 Namibia issued its own currency, the Namibian dollar. In 2002 a new revenue-sharing formula was introduced in SACU, which included a development component.
In 2020, it would be estimated that tourism would bring is $26 million Namibian dollars however due to the COVID-19 pandemic, Namibia saw a reduction of almost 90% in tourism. In the third quarter of 2021, there was an increase in tourism, however, it is estimated that it will be until 2023 when tourism returns to some kind of normality.
The Bank of Namibia (BoN) is the central bank of Namibia, whose establishment is enshrined in Article 128 of the Namibian Constitution. It is located in the capital city of Windhoek. The Bank of Namibia was established in 1990 [2] by the Bank of Namibia Act, 1990 (Act 8 of 1990). [3]
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1]Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
An employee's salary is normally paid in Namibian dollars, which is the local currency and income tax (maximum rate is 37% and is based on different income slabs) is deducted by the employer. One Namibian dollar (NAD) is always equal to one South African rand (ZAR). One United States dollar (1 US$ or US$1) = 14.50 Namibian Dollar (N$ or NAD). [31]
US dollar-Pakistani rupee exchange rate. Between 1948 and July 1955, the Pakistani rupee was effectively pegged to the U.S. dollar at approximately Rs.3/31 per U.S. dollar. Afterwards, this was changed to approximately Rs.4/76 per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value. [30]