Namibia, Angola To Bolster Trade Through Currency Conversion Deal
From All Africa
The governor of the National Reserve Bank of Angola (BNA), José de Lima Massano, and of the Central Bank of the Republic of Namibia, Hipunbo Shimy, signed, Monday, in Santa Clara, southern Cunene province, a bilateral agreement on currency conversion, in order to facilitate and give greater security to trade between both countries.
The agreement, which comes into force in early 2015, indicates that at a first phase it will focus on the shared border areas between the two countries and will enable the direct exchange between Kwanza (Angolan currency) and the Namibian Dollar in bank branches, exchange houses or other authorized agents in each country, and the central banks will be in charge of disclosing the daily exchange rate of reference.
With the signing of this agreement, conducting small transactions may be done without using coins not issued by the central banks of Angola and Namibia, thus facilitating trading still limited by the requirement of access to foreign exchange as an intermediate currency.
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