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Angola,Namibia : NAMIBIA inks currency conversion agreement with ANGOLA.

Namibia has inked a currency conversion agreement with Angola in a development expected to cut costs and help boost cross-border trade between them, effective six months from the date of signing.

Bank of Namibia governor Ipumbu Shiimi and his counterpart Jose de Lima Massano of National Bank of Angola have initialed the agreement during a ceremony held in the Angolan border town of Santa Clara.

The currency exchange agreement would initially be applicable only to Oshikango in the northern Namibian border town of Helao Nafidi and Santa Clara in southern Angola, said Bank of Namibia acting director of strategic communication Emma Haiyambo.

With this agreement, business people and traders will be able to legally exchange local currencies in either country, putting an end to the practice were traders have to buy US dollars before converting them into Angolan kwanza or Namibian dollar.

Haiyambo said, Therefore, a shortage of the US dollar contributed to the decline in trade. This prompted the Bank of Namibia to engage the Banco Nacional de Angola to look at the possibility of entering into a Currency Conversion Agreement.

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Publication:Mena Report
Geographic Code:6ANGO
Date:Sep 24, 2014
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