Namibian exporters and exchange control in the Common Monetary Area

A Walvis Bay fishing company exports hake to Spain. Its euro proceeds must come back to Namibia within the exchange control period, through its bank, an authorised dealer. Its costs are in Namibian dollars, which are pegged one-to-one to the rand. Payments to its South African suppliers move freely within the Common Monetary Area.

The CMA

Namibia, South Africa, Lesotho and Eswatini form the Common Monetary Area. The Namibian dollar is pegged at par to the rand, and the rand is legal tender in Namibia. Payments between CMA countries move without the exchange control that applies to the rest of the world.

Exchange control

The Bank of Namibia administers exchange control through authorised dealers, with rules closely aligned to South Africa's. For exporters:

• proceeds from outside the CMA must be repatriated within the set period,
• conversion and foreign currency account rules apply,
• authorised dealers report transactions.

Currency

Euro and dollar revenue moves against the Namibian dollar as the rand moves. The rand is volatile, so converting a planned amount ahead of payroll gives control over the rate.

Records

Keep export declarations, invoices and payment records per shipment for your authorised dealer and auditors.

Where Rivet fits

Rivet opens business accounts for registered companies after verification. Namibian exporters must repatriate proceeds under exchange control, so check with your authorised dealer before receiving funds abroad. Where available, partners abroad who bank with Rivet can pay Namibian bank accounts through Rivet's payouts. Rivet is not a bank; regulated partner institutions hold the funds.