The Namibian authorities have increased the foreign exposure limit for fund managers and unit trust management companies from 15 per cent to 20 per cent of total assets under management.
In addition, institutional investors are no longer required to submit an auditors’ report in support of each application to make a transfer of foreign currency. The relaxation was announced by the Minister of Finance in his Budget statement of 16 March 2006.
“Institutional investors will still be required to submit an auditors’ report from their external auditors once a year, confirming the applicant’s total assets and the percentage of foreign assets within their total holdings,” says a spokesman for Standard Bank in Johannesburg.