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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Reflections on a Foreign Exchange Management and Allocation System for Independent Namibia
Author:Mwase, Ngila R.L.
Periodical:Africa Development: A Quarterly Journal of CODESRIA (ISSN 0850-3907)
Geographic term:Namibia
Subjects:monetary policy
terms of trade
Economics and Trade
international relations
External link:https://www.jstor.org/stable/24486630
Abstract:Within the context of the mineral economy of Namibia and the development strategies articulated by the SWAPO liberation movement, this article examines several options for exchange rate management and recommends a particular administrative system for the allocation of foreign exchange in independent Namibia. The options available to independent Namibia include: 1) continued membership of the Pretoria-dominated Rand Monetary Area; this is not a viable option for economic, political and strategic reasons, 2) 'floating' a Namibian currency, and 3) using an administrative, essentially Central Bank propelled allocation mechanism; this entails setting an official exchange rate whereby the local currency is fixed against the SDR (Special Drawing Right) and other hard currencies. Given recent experiences with the floating option, especially the auctioning system variant, the third option seems to be the least inappropriate for independent Namibia, followed by a non-auctioning floating system. Notes, ref., sum. in French.