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Among all the authorized commercial banks in Namibia the Bank of Namibia holds a major position. Serving as the central bank in Namibia the Bank of Namibia is different from the other Namibian commercial banks. It is the only financial institution in Namibia that can issue notes and coins of Namibian Dollar. These Namibian Dollar notes and coins then get distributed to the Namibian public through the various Namibian commercial banks.
The Bank of Namibia in Namibia is a government owned bank that performs a number of important functions. Some of these major functions are monitoring of the operations of other financial institutions in Namibia for ensuring a sound and effective banking system in the country taking into account the interest of the Namibian depositors and the country's economy.
Besides this the Bank of Namibia of Namibia clears cheques that are drawn by the customers of Namibia's commercial banks, settles transactions and conflicts between the banks, loans money to the commercial banks when they require financial support and allows licenses for setting up of new banks. The Bank of Namibia also advises the government on its monetary and fiscal policies. The Bank of Namibia does not allow the public to hold direct accounts with it as it does not offer direct banking facilities to the people. The Bank of Namibia only serves the commercial banks and government catering to their financial needs.
Namibia's Bank of Namibia has a number of branches distributed all over the country. Its organizational and operational structure reflects the efficient banking procedure in Namibia. The Bank of Namibia also deals with the country's financial transactions with other countries. Operating as the core and central bank of Namibia the Bank of Namibia thus is the apex bank and financial institution of the country.
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