Angola and Namibia sign currency conversion agreement

Sep 24, 2014

The central banks of Angola and Namibia have signed on September 22nd in Santa Clara (Angola) a bilateral currency conversion agreement.

The central banks of Angola and Namibia have signed on September 22nd in Santa Clara (Angola) a bilateral currency conversion agreement.

The agreement aims to facilitate commercial transactions between Angola and Namibia, particularly in their border areas, ANGOP news agency reports.


It will allow direct exchange between the
Kwanza and Namibian dollar in banks, exchange houses and other authorised agents in both countries.


Acting Director of strategic communication at the Bank of Namibia Emma Haiyambo said in a statement that the currency swap agreement will initially only apply in the border towns of Oshikango in northern Namibia, as well as Helao Nafidi and Santa Clara in southern Angola.


Central banks will disclose the reference exchange rate on a daily basis.


This signature follows the publication of a joint study by Angola and Namibia revealing that cross-border trade between the two countries is currently hampered by the fact that transactions are made in American dollars, APA
news agency
reports.


"A shortage of US dollar will necessarily contribute to a decline in the volume of trade," said Emma Haiyambo.ADNFCR-2976-ID-801750271-ADNFCR