Namibia - Money
The Namibian dollar (NAD) is at par with the South African rand and has been affected by the rand's decline in value on the world currency exchanges. The rand was approximately at par with (equal in value to) the U.S. dollar in 1982, but by 2001 the rand (and the Namibian dollar) had depreciated to NAD8.224=US$1. The Namibian dollar is part of a de facto rand area of countries which peg the value of their currencies to the rand; this rand area includes Swaziland and Botswana. The inflation rate has been showing gradual improvement as the country settles into independence, with the rate falling steadily from 10 percent a year in 1995 to around 5 percent in 2000.
Namibia had a stock exchange founded in the early 1900s, in the southern town Lüderitz. It quoted companies that were established in the great diamond rush, reached a peak in 1910, but closed when the diamond rush was over. During the period of administration by South Africa, companies in Namibia were quoted on the Johannesburg Stock Exchange. At independence in 1990, it was decided to establish a stock exchange, and it finally opened in 1992, growing from 4 listed companies and 1 stockbroker at inception, to 36 listed companies and 7 stockbrokers in 2000.