BANK OF NAMIBIA QUARTERLY BULLETIN DECEMBER 2011 QUARTERLY BANK OF NAMIBIA QUARTERLY BULLETIN DECEMBER 2011 Bank of Namibia Quarterly Bulletin December 2011 Volume 20 No 3 Registered Offi ce 71 Robert Mugabe Avenue P.O. Box 2882 Windhoek Namibia 1 BANK OF NAMIBIA QUARTERLY BULLETIN DECEMBER 2011 Editorial Committee: Mr. E. Uanguta (Chief Editor) Ms. E. Nailenge Ms. F. Nakusera Mr. A. Iyambo Ms. E. Kamundu (Secretary) © Bank of Namibia All rights reserved. No part of this pub- lication may be reproduced, copied or transmitted in any form or by any means, including photocopying, plagiarizing, recording and storing without the writ- ten permission of the copyright holder except in accordance with the copyright legislation in force in the Republic of Na- mibia. The contents of this publication are intended for general information only and are not intended to serve as fi nan- cial or other advice. While every precau- tion is taken to ensure the accuracy of information, the Bank of Namibia shall not be liable to any person for inaccurate information or opinions contained in this publication. Published by the Research Department of the Bank of Namibia. Enquiries related to this publication should be directed to: The Director: Research Department P.O. Box 2882 WINDHOEK NAMIBIA Tel: +264 61 283 5111 Fax: +264 61 283 5231 e-mail:
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