Cost of living in Namibia

The cost of living in Namibia is higher than some other regional cities in the southern region of the African continent.{{Cite web|url=http://www.namibian.com.na/indexx.php?id=15854&page_type=story_detail&category_id=2|archive-url=https://web.archive.org/web/20140728171210/http://www.namibian.com.na/indexx.php?id=15854&page_type=story_detail&category_id=2|url-status=dead|archive-date=28 July 2014|title=Windhoek is 34,73% more expensive than Cape Town|date=28 July 2014|access-date=28 July 2014}}{{Cite web | url=http://na2.mofcom.gov.cn/aarticle/chinanews/201003/20100306817395.html | title= Windhoek's cost of living sky-rocketing, Official China Embassy Website | access-date=11 March 2010}}{{Cite web|url=http://allafrica.com/stories/201109220682.html|title= Cost of Living Triggering Labour Unrest | access-date=22 November 2011}} Namibia imports about 50% of its cereal requirements. Many other items used in daily life also need to be imported. High transportation costs make prices very high and unaffordable. Monopolies in some business sectors causes higher profit booking, which also results in raising of prices.{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/namibia/ |title= Economy::Namibia : Economy-Overview | access-date=10 October 2010}}{{failed verification|date=July 2016}}{{Cite web |url=https://www.state.gov/e/eeb/rls/othr/ics/2010/138117.htm |title=2010 Investment Climate Statement - Namibia |access-date=10 October 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100904043009/http://www.state.gov/e/eeb/rls/othr/ics/2010/138117.htm |archive-date=4 September 2010}}

For example, the price (in 2013) of electricity for domestic consumers in Windhoek for post-paid consumers was 1.08 N$ per unit (KWH) added with ECB levy of 0.0150 N$ per unit and NEF levy of 0.0102N$ per unit, with a fixed cost based on load added to the bill. Consumers who have prepaid metering units paid 1.57 N$ per unit of electricity, with an added ECB levy of 0.0150 N$ per unit and NEF levy of 0.0102N$ per unit.{{Cite web |url=http://www.ecb.org.na/pdf/tariff/2013/CityofWindhoek2013.pdf |title=Interim Schedule Of Approved Tariffs 2013-2014 |format=PDF |access-date=1 June 2014 |archive-url=https://web.archive.org/web/20140605053146/http://www.ecb.org.na/pdf/tariff/2013/CityofWindhoek2013.pdf |archive-date=5 June 2014 |url-status=dead }}{{Cite web|url=http://www.namibian.com.na/news/full-story/archive/2011/september/article/city-hikes-power-tariffs/|title=City of Windhoek hikes power tariffs|access-date=2 September 2011|archive-url=https://web.archive.org/web/20120603172142/http://www.namibian.com.na/news/full-story/archive/2011/september/article/city-hikes-power-tariffs/|archive-date=3 June 2012|url-status=dead}} The price of gasoline was ~13 N$ per liter,{{Cite web|url=http://www.mme.gov.na/pdf/Fuel-Price-Press-Release-April-2014.pdf|title=Fuel prices remain unchanged|publisher=Ministry of Mines and Energy|access-date=1 June 2014|archive-url=https://web.archive.org/web/20140602200051/http://www.mme.gov.na/pdf/Fuel-Price-Press-Release-April-2014.pdf|archive-date=2 June 2014|url-status=dead}} and the price of liquid petroleum gas (LPG) was ~8 N$ per liter.{{Cite web|last=Graig |first=Augetto |url=http://www.namibian.com.na/index.php?id=28&tx_ttnews%5Btt_news%5D=6726&no_cache=1 |title=Namibian News Online |publisher=Namibian.com.na |access-date=26 June 2010}} Rent for a family accommodation may exceed 12000 N$ per month in safe urban locations.{{Cite web|url=http://www.myproperty.com.na |title=Property Listing in Namibia |publisher=Myproperty.com.na |access-date=26 June 2010}} The price of a 1-litre water bottle is ~15 N$, one litre of UHT Milk is ~15N$, and a raw egg is ~2N$. The cost of 1 kg fresh chicken is around 60N$, while 1 kg frozen chicken is around 45N$. Red meat costs 60-100N$ per kg.{{Cite web|url=http://www.newera.com.na/2014/01/22/meat-fish-poultry-costly/ |title=Meat, fish, poultry too costly |publisher= New Era |date= 22 January 2014 |access-date=3 June 2014}}{{Cite web|url=http://www.namibian.com.na/index.php?id=28&tx_ttnews%5Btt_news%5D=69504&no_cache=1 |title=Dairy products up 5,3%|publisher= The Namibian |access-date=29 June 2010}}{{Cite web|url=http://www.spar-international.com/about-spar/spar-countries/namibia|title=Spar Market Price List|publisher=The Price List by Spar Market in Maerua Mall, Windhoek|access-date=1 September 2010|archive-url=https://web.archive.org/web/20110604025531/http://www.spar-international.com/about-spar/spar-countries/namibia|archive-date=4 June 2011|url-status=dead}} The cost of making an international call, other than to a neighbouring country, is 12 N$ per min and internet access over 3G costs over 1 N$ per MB.{{Cite web|url=http://www.mtc.com.na/tariffs/tango |title=Prepaid Call rate for MTC Tango|publisher=MTC.com.na|access-date=3 June 2014}}

Banking in Namibia

The banking sector in Namibia is highly developed with modern infrastructure, such as online banking, cellphone banking etc. The Bank of Namibia (BoN) is the central bank of Namibia, according to the Namibian Constitution, is to "serve as the State’s principal instrument to control the money supply, the currency and the institutions of finance, and to perform all other functions ordinarily performed by a central bank".{{Cite web|url=https://www.bon.com.na|title=Bank of Namibia (BoN)|access-date=3 April 2011}}

This is a list of authorised commercial banks in Namibia{{Cite web|url=https://www.bon.com.na|title=Bank of Namibia >> Bank Operations>> Banking Supervision and Regulations >>Authorised Banks |access-date=3 April 2011}}

Namibian banks offer wide variety of products like savings accounts, cheque accounts, transmission accounts, investment accounts, credit cards accounts and many types of loan accounts (vehicle Loans, mortgage/housing loans, personal loans etc.) to meet its customer requirements. The money in savings & investment accounts earns interest, while no interest is paid for cheque and transmission accounts. The credit balance in credit card accounts also earn interest. Most of the accounts are subjected to monthly account fees and credit card accounts are subjected to annual fees. There are no reward / loyalty programs for using credit cards in Namibia.{{Cite web|url=https://www.fnbnamibia.com.na/downloads/namibia/FNB_pricing_2012-2013.pdf|title=First National Bank Pricing Guide |access-date=1 June 2014}}

The interest earned in any bank account is subjected to a flat 10% retention as income tax. All debit transactions, including debit card transactions, credit card transactions, at the bank's teller counter transactions & online banking transactions are also subjected to a government duty of 0.2N$ per transaction.

The bank's charges are applicable for cash handling transactions such as cash deposits and cash withdrawal at bank's teller counter (for certain savings account, the cash deposits up to only 1000 N$/Months are exempted from this fee). Bank's charges are also applicable for each transaction carried out by internet banking or by debit cards, which are significantly lower than "at the counter transactions".{{Cite web|url=http://www.standardbank.co.za/site/stanbic/namibia/pdf/BankchargesGUIDE2011.pdf|title=Standard Bank Pricing Guide |access-date=5 April 2011}}

Taking a cash or personal loan from a financial institution in Namibia is particularly very expensive because the loan repayment includes several fees such as stamp duties, Namfisa charges, credit life insurance, administration fees, finance charges and Value Added Tax (VAT)".{{Cite web|url=http://www.namibian.com.na/indexx.php?archive_id=86442&page_type=archive_story_detail&page=1983|title=Banks Commit 'Daylight Robbery'|access-date=1 June 2014|archive-url=https://web.archive.org/web/20140605052220/http://www.namibian.com.na/indexx.php?archive_id=86442&page_type=archive_story_detail&page=1983|archive-date=5 June 2014|url-status=dead}} The banking business in Namibia is one of the most profitable business and banks are making hundreds of millions out of a tiny 2.1 million Namibian population.{{Cite web|url=http://www.informante.web.na/story/fnb-nam-pile-profits|title=FNB Nam pile up profits|date=20 February 2014|access-date=1 June 2014|archive-url=https://web.archive.org/web/20140605052041/http://www.informante.web.na/story/fnb-nam-pile-profits|archive-date=5 June 2014|url-status=dead}}

The cross-border money transfer facilities are limited to major bank in towns. The money transfer to countries outside of common monetary area is particularly very expensive because of high banks commission and one of the poorest currency buying & selling rates. The bank's commission is applicable to both inward and outward remittance.{{Cite web|url=https://www.fnbnamibia.com.na/rates/forex/forexRates.html|archive-url=https://archive.today/20140601180551/https://www.fnbnamibia.com.na/rates/forex/forexRates.html|url-status=dead|archive-date=1 June 2014|title=Forex rates and Forex History|access-date=1 June 2014}} Cross border foreign currency bank cheque and bank draft have been abolished. SWIFT is the preferred method for cross border remittance by banks.{{Cite web|url=http://www.thevillager.com.na/articles/4539/Bank-Windhoek-finally-bans-cross-border-cheques/|title=Bank Windhoek finally bans cross-border cheques|date= 15 July 2013|access-date=1 June 2014}} Further, in an effort to curb money laundering and to protect the country's foreign exchange reserves, exchange control regulation is applied to all outward remittances. An expatriate employee in Namibia is only allowed send a certain percentage of their net earning back to their home country. In terms of exchange control regulations, every person who contravenes or fails to comply with any provision of these regulations shall be guilty of an offence and liable upon conviction to a fine not exceeding N$250000 or to imprisonment for a period not exceeding five years (5) or both.{{Cite web|url=https://www.bon.com.na/Bank/Exchange-Control/Frequently-Asked-Questions.aspx|title=FAQ on Exchange Control Regulations|date=April 2014|access-date=1 June 2014|archive-date=13 April 2019|archive-url=https://web.archive.org/web/20190413155306/https://www.bon.com.na/Bank/Exchange-Control/Frequently-Asked-Questions.aspx|url-status=dead}}

Working and living in Namibia

With 29.6% unemployment,{{Cite web | title=Unemployment rate increases to 29.6% | newspaper=Namibia Economist | date=28 March 2014 | url=https://economist.com.na/7721/headlines/unemployment-rate-increases-to-29-6/}} the government is unenthusiastic about letting people in from foreign countries who would take jobs from Namibians. All semi-skilled and unskilled positions must be unconditionally filled by local Namibians.{{Cite web|url=http://www.namibian.com.na/indexx.php?archive_id=80053&page_type=archive_story_detail&page=1705|title=China Is A Cactus in Namibia|date=20 May 2011|access-date=1 June 2014|archive-url=https://web.archive.org/web/20140605051545/http://www.namibian.com.na/indexx.php?archive_id=80053&page_type=archive_story_detail&page=1705|archive-date=5 June 2014|url-status=dead}}{{Cite web|url=http://www.namibian.com.na/indexx.php?archive_id=87146&page_type=archive_story_detail&page=2004|title=Chinese sentenced for overstaying|date=24 October 2011|access-date=1 June 2014|archive-url=https://web.archive.org/web/20140605052218/http://www.namibian.com.na/indexx.php?archive_id=87146&page_type=archive_story_detail&page=2004|archive-date=5 June 2014|url-status=dead}}{{Cite web|url=http://www.namibian.com.na/indexx.php?id=16251&page_type=story_detail&category_id=1|title=Chinese man butchered at Rundu|date=7 August 2014|access-date=7 August 2014|archive-url=https://web.archive.org/web/20140808060441/http://www.namibian.com.na/indexx.php?id=16251&page_type=story_detail&category_id=1|archive-date=8 August 2014|url-status=dead}}

It is possible to get a work permit to volunteer, though this requires going through the same drawn-out process as the normal work permit. Any person who contravenes or fails to comply with any provision of his/her residence permit conditions shall be guilty of an offence and liable upon conviction to a fine not exceeding N$12000 or to imprisonment for a period not exceeding two years (2) or both.{{Cite web|url=http://www.newera.com.na/2014/02/19/n12-000-fine-overstaying/

|title=N$12 000 fine for overstaying|date= 19 February 2014|access-date=1 June 2014}}{{Cite web|url=http://www.newera.com.na/2014/04/28/egyptian-fined-overstaying/

|title=Egyptian fined for overstaying|date= 28 April 2014|access-date=1 June 2014}}{{Cite web|url=http://www.namibian.com.na/indexx.php?id=15863&page_type=story_detail&category_id=1|title=State takes millions found in Chinese shop|date=7 August 2014|access-date=7 August 2014|archive-url=https://web.archive.org/web/20140808060438/http://www.namibian.com.na/indexx.php?id=15863&page_type=story_detail&category_id=1|archive-date=8 August 2014|url-status=dead}}

An employee's salary is normally paid in Namibian dollars, which is the local currency and income tax (maximum rate is 37% and is based on different income slabs) is deducted by the employer. One Namibian dollar (NAD) is always equal to one South African rand (ZAR). One United States dollar (1 US$ or US$1) = 14.50 Namibian Dollar (N$ or NAD).{{Cite web|url=http://www.statebank.co.za/rates|title=State Bank of India South Africa|access-date=28 May 2014|archive-url=https://web.archive.org/web/20140530022046/http://www.statebank.co.za/rates|archive-date=30 May 2014|url-status=dead}}

Schooling in Namibia

There are government schools all around the country, private schools (mostly located in towns) and one international school in the capital city Windhoek.{{Cite web |url=http://www.wis.edu.na/fee-structure |title=Windhoek International School |access-date=14 June 2014 |archive-url=https://web.archive.org/web/20140705123753/http://www.wis.edu.na/fee-structure |archive-date=5 July 2014 |url-status=dead }} Primary education at government schools is free of charge as of 2013,{{Cite web | title=Free Primary Education from 2013 | publisher=Government of Namibia | date=20 December 2012 | url=http://www.moe.gov.na/news_article.php?id=97&title=Free%20Primary%20Education%20from%202013 | access-date=5 September 2016 | archive-date=17 January 2017 | archive-url=https://web.archive.org/web/20170117111205/http://www.moe.gov.na/news_article.php?id=97&title=Free%20Primary%20Education%20from%202013 | url-status=dead }} and secondary education since 2016.{{Cite news | title=Free secondary education in 2016 – Hanse-Himarwa | newspaper=New Era | date=10 November 2015 | url=https://www.newera.com.na/2015/11/10/free-secondary-education-2016-hanse-himarwa/ | access-date=6 September 2016 | archive-date=8 July 2018 | archive-url=https://web.archive.org/web/20180708142421/https://www.newera.com.na/2015/11/10/free-secondary-education-2016-hanse-himarwa/ | url-status=dead }} Tertiary educational institutions, both private and public, charge tuition fees.

External links

[http://www.eardex.com/cost-of-living/calculator.php?city_name=default®ion_name=default&country_name=Namibia&continent_name=Africa&table_name=tourismtravel&id=NA®ion_id=default&country_id=NA&continent_id=Africa&calcFor=country&language_code=EN&compareMode=false User provided cost of living information for Namibia]

References

Category:Economy of Namibia

Category:Personal finance