The Bank of Namibia (BoN) and Banco Nacional de Angola (BNA) signed a Memorandum of Agreement on Friday in Luanda, Angola to formalise technical collaboration and partnership between the two institutions.
The central bank in a media statement on Monday said BoN Governor, Johannes !Gawaxab, and his counterpart Jose de Lima Massano commended the agreement as a landmark that will facilitate sustained cooperation between the institutions and deepen the historic ties and bonds between the two states.
It said the institutions have agreed to focus on the effective utilisation of the existing regional cross-border payment systems and explore retail payment options, such as prepaid cards for the payment of goods and services.
“The partnership’s strategic priority is to eliminate revenue leaks for the involved states by providing timely, reliable data and factual support for how misaligned trade data hurts revenue mobilisation. Data and research on trade and related financial transactions will be shared as part of the collaboration to support mitigation efforts,” it read.
Even though both nations agreed that the lapsed currency conversion agreement, which permitted currency exchange at border towns, was advantageous, the two central banks have decided against activating it at the moment because more practical and affordable ways to facilitate trade are being given priority.
!Gawaxab and his delegation thereafter paid a courtesy call on Namibia’s Ambassador to Angola, Patrick Nandago, to discuss the outcome of the technical discussions.
Source: The Namibia Press Agency
