ANGOLA, NAMIBIA SIGN BILATERAL CURRENCY CONVERSION AGREEMENT

NAMACUNDE, ANGOLA, Sept 23 — The governor of the National Reserve Bank of Angola (BNA), José de Lima Massano, and the governor of the Central Bank of the Republic of Namibia, Hipunbo Shimy, have signed a bilateral agreement on currency conversion to facilitate and give greater security to trade between both countries.

The agreement, signed Monday at Santa Clara in southern Cunene Province near the border with Naminia, comes into force in early 2015. In the first phase, it will focus on the shared border areas between the two countries and will enable the direct exchange between the Angolan Kwanza 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 which is still limited by the requirement of access to foreign exchange as an intermediate currency.

After signing the agreement, BNA Governor José de Lima Massano said this step established the right parity terms of both parts between currencies, facilitating the integration of the two communities and promoting relations of friendship and commercial exchanges between both countries.

Shimy stressed that it was a gain for the two peoples and with great benefits for the commercial exchanges as the action laid the foundations for economic emancipation, giving greater facility to citizens and businesses to buy goods and services in Namibia and Angola.

The signing was witnessed by the acting Governor of Cunene, António dos Santos Candeeiro, and the governor of the Oshikango Region (Province) of Namibia, Usko Nghaamwa, entrepreneurs from both countries and representatives of chambers of commerce of Angola and Namibia.

SOURCE: ANGOP

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