ANGOLAN-NAMIBIAN CENTRAL BANKS IMPLEMENT AGREEMENT ON CURRENCY CONVERSION

LUANDA, June 4 — The currency conversion agreement signed between the National Bank of Angola (BNA) and the Bank of Namibia will enter into force from June 18 this year, the Angolan central bank says.

The BNA siad in a statement here Wednesday that the agreement between the two central banks was signed in September 2014, and the original effective date, March 2015, was postponed with the objective of ensuring the completion of preparatory work in the application of the agreement.

The agreement between the two institutions will facilitate the mutual conversion of national currencies of Angola and Namibia, in the border towns of Oshikango and Santa Clara.

With the implementation of the agreement, any Angolan can legally convert Angolan Kwanzas to Namibian dollars in any commercial bank or exchange in the town of Oshikango, Namibia. Similarly, a Namibian citizen can legally convert Namibian dollars to Kwanzas, in any commercial bank or exchange house in Santa Clara at the exchange rate of the applicable day.

The aim of the implementation of this agreement is to improve trade activities and, consequently, economic relations between the two countries.

The National Bank of Angola is the central reserve bank of Angola, being solely responsible for the monetary policy of the country.

SOURCE: ANGOP