The Bank of Namibia noticed that Namibia’s foreign currency trading system is increasingly being misused and abused by individuals and some corporate entities. Unauthorised transactions involving conversion of foreign exchange without specific authority, in accordance with the Exchange Control Legislation, was detected. In terms of the Exchange Control Regulation, 2 (1) of 1961, as amended, buying and selling of foreign currency by unauthorised persons in Namibia is illegal.

According to the Exchange Control Rulings local entities may, on application and proper motivation to authorised dealers like commercial banks that have been authorised to deal in foreign currency, be allowed to accept foreign currency from foreign visitors to Namibia in payment of goods supplied and services rendered. This may only happen if their business is directly related to the tourist industry. Such local entities are, however, required to sell such foreign currency to local authorised dealers like banks not later than the following business day, or any other time agreed upon with the Bank of Namibia.

Dealing in foreign currency, without the necessary authorisation is a violation of Exchange Control Regulation an offence, the BoN warned in a press statement. Upon conviction, such a person has to pay up to N$250 000 or spend 5 years in prison or both. The BoN warned the public against illegal trade in foreign currency in Namibia. It also appealed to law-abiding citizens to help law enforcement officers by reporting such activities immediately.

In 1996, the Commercial Bank of Namibia started a social investment fund from which various needy welfare groups benefited. Some of the funds also went to cultural groups. Through its Go Green fund, N$ 150 for every vehicle purchase plan goes to conservation projects. This social conscience of Commercial Bank received international praise. The Synergos Institute in New York recently did a case study of the Commercial Bank’s social investment fund. "We found it a best practice scenario and are encourage that there are social investment funds of this calibre in Namibia," said David Winter, director of Synergos in New York. Since 1996 Commercial Bank invested about N$ 3 million in social investment programmes.

On Saturday, 30 August, Meatco holds an information day at Frans Indongo Lodge near Otjiwarongo. Theme for the event is "How to market cattle to Meatco". Practical demonstrations about requirements for market ready cattle will be held by Barend Dorfling and Hendrie Liebenberg. The minister of agriculture, Helmut Angula will be the keynote speaker. Mr Phillip Stoffberg, CEO of Meatco will give a presentation of Meatco’s past, present and future. Very soon Namibian abattoirs will have to work overtime with the Cabinet decision of last September that no live cattle and small livestock should be exported to South Africa from 1 October 2003. Farmers still wanting to export will have to pay a 15% levy on the value of livestock to the Namibian government. The announcement was marked with mixed reactions from both commercial and communal beef farmers. Currently new proposals were put before Cabinet in a move to postpone the due date.