It was expected. Online and black market foreign exchange (Forex) traders in Namibia have slammed the Bank of Namibia (BoN)’s stringent rules, with some saying that the show must go on regardless.
“Those wierdos can say whatever they want but they lack the knowledge of what Forex is online. They can’t do s..t about it,” wrote Julsmart Manu.
“Let’s continue trading,” urged Chalakata Erastus Hitewa Haikali to fellow traders, defying the Central Bank and the ministry of finance, which reiterate that anyone carrying out Forex activities outside the new rules was acting illegally.
Both are members of the Facebook group called Forex Trading in Namibia.
Under the new rules, anyone who wants to become a Forex trader must have a minimum capital of about $109 000, and pay $330 to get the ministry approve his or her application. The person also needs to register with the Central Bank.
Sensing that their bread and butter was being taken away from them, Kudumo Agatius Skindo wrote: “Can someone advise BoN from taking away our financial freedom. The Bank Of Namibia’s post on Facebook titled Clarification on forex trading makes me think that they want to say that online Forex trading is illegal.
“It seems that these people still don’t understand the difference between online Forex trading and Forex trade which is solely done at Bureaus de change. They made illegal Bitcoin and now they want to stop us from trading online. I think someone must advise BoN, FIC and NAMFISA because they are still not aware of what is happening in the world of financial market, especially regarding to online Forex trading.”
Standard Bank had an online trading platform whereby indices can trade online, claimed Skindo, adding that all he wanted was offshore brokers.
“They can do nothing about Forex trading. It is a losing game for them if justice as claimed is served,” added Dietmar Schoenbeck Piebrock.
