Central Bank and National Planning Commission

There shall be established by Act of Parliament a Central Bank of the Republic of Namibia which shall serve as the State’s principal instrument to control the money supply, the currency and banking institutions and any other financial institutions that may be placed under the supervision of the Central Bank by Act of Parliament, and to perform all other functions ordinarily performed by a central bank.

The Governing Board of the Central Bank shall consist of a Governor, Deputy-Governors and such other members of the Board as shall be prescribed by Act of Parliament, and all members of the Board shall be appointed by the President in accordance with procedures prescribed by such Act of Parliament.

Nothing in this Constitution is construed as to prevent the enactment of any law or as effecting the validity of any law assigning the regulation of institutions that perform financial services to any member of the public by a body other than the Central Bank.

There shall be established in the Presidency a National Planning Commission, whose task shall be to plan the priorities and direction of national development.

There shall be a Director-General of Planning appointed by the President in terms of Article 32(3)(i)(dd) hereof, who shall be the head of the National Planning Commission and the principal adviser to the President in regard to all matters pertaining to economic planning and who shall attend Cabinet meetings at the request of the President.

The membership, powers, functions and personnel of the National Planning Commission shall be regulated by Act of Parliament.