Susan Nel Pohtography
Celebrating 30 Years of Independence
MO MONEY MO NAMIBIA
S
ince the flag of Imperial Germany was raised on Namibian soil in 1884, the country not only had two colonial masters but also a number of different currencies before the Namibia Dollar was introduced in 1993.
Considering that more than 60% of Namibian imports are from South Africa, being pegged to the rand does have advantages such as price stability. Furthermore, the rand acts as a shock absorber to the Namibian economy: due to the buffer effect of the significantly larger South African economy, major changes in the global market are not felt as hard because the Common Monetary Area links the Namibia dollar to the rand.
When Germany proclaimed its newly acquired colony of German South West Africa in 1884, the German South-West African mark became the legal tender. After the colony’s capitulation to the Union Defence The members of the Common Monetary Area (CMA) are Force in 1915 South Africa took over administration of the Namibia, South Africa, Lesotho and Eswatini (formerly country and issued a temporary currency – the South West Swaziland). The monetary union is allied to the South African African mark. It was used from 1916 until 1918 when it was Customs Union, with the purpose that all countries can have replaced by the South African pound. In addition to the the same development and equitable economic advance. South African pound, a South West African pound was issued between the 1930s and The designs on Namibia’s banknotes and 1959. During 1961, the year when South Africa coins depict the country’s natural beauty and Alternative became a republic, the South African Rand landmarks. The 200, 100 and 50 dollar banknotes names for the was introduced and replaced all currencies in honour Hendrik Witbooi, one of the first local circulation in Namibia and South Africa. leaders to take up arms against the German currency were authorities in the late 1800s and in the colonial suggested, Finally, in 1993, Namibia adopted its own war of 1904/05, while the 10 and 20 dollar currency, the Namibia dollar. Alternative names banknotes portray the founding president, Sam including the for the currency were suggested, including the Nujoma. The back of the banknotes and coins Namibian Namibian kalahar, in reference to the Kalahari celebrate the country’s fauna and flora. Desert, but the government eventually opted kalahar. for the Namibia dollar. The first notes were As part of the 30th independence celebrations, issued on 15 September 1993. Banknotes the Bank of Namibia issued a N$30 note that worth N$ 100 million in total were distributed to Namibia’s depicts the faces of founding president Sam Nujoma, former commercial banks. Altogether, banknotes and coins worth president Hifikepunye Pohamba and President Hage Geingob. N$ 2 billion were produced at a cost of N$18 million. The new The note is meant to celebrate the smooth transition of coins arrived at Walvis Bay on 13 November that year and power as well as the legacy of the three presidents over the were issued to commercial banks from 8 December. last three decades. Namibia now had its own currency, but because of the small size of the country’s economy, it was decided to keep the dollar pegged to the South African Rand. This means the rand is still legal tender in Namibia and has the same value. Conversely, however, the Namibia dollar is not accepted for cash payment in South Africa.
After 109 years of currencies forced upon them by colonial masters, Namibians were finally free to introduce their own unique currency. Another proud achievement worth celebrating. Le Roux van Schalkwyk Listen to the audio version of this story 15
