Sunday 18 March 2018

Cunene: Angola/Namibia currency conversion agreement comes into effect

Cunene: Angola/Namibia currency conversion agreement comes into effect
(Angola Press(En) 06/19/15)

Namacunde - The Currency Conversion Agreement between the Angola National Reserve Bank (BNA) and its Namibian counterpart institution, which is designed to facilitate the direct exchange of the moneys of both countries, officially came into effect last Thursday.

The launching ceremony , held in the neighbouring zone of Oshikango (Namibia), was witnessed by the governor of the BNA, José Pedro de Morais Júnior, and his Namibian counterpart, Hipumbu Shimi.

The agreement, which was signed on 22 September 2014, outlines that in the first stage it will mainly serve the localities of both countries close to the common border, as well as will facilitate the direct exchange between the Angolan Kwanza and The Namibian Dollar in banks, exchange bureaus and other authorised institutions, with the central banks of both states having the task of publishing on a daily basis the reference exchange rate.

With this agreement, the materialisation of small transactions will be made safer, since Angolan citizens are allowed to enter Namibia with 500,000 Kwanzas (roughly USD 5000 according to present BNA rate) through the Santa Clara region border and exchange it for Namibian Dollar and vice versa.

On the occasion, the governor of the BNA, José Pedro de Morais Júnior, emphasised that the agreement has mutual advantages, adding that it will facilitate the commercial transactions between both sides more.

In view of this, he said, one will see a substantial increase in the integration and progress in the friendship and commercial relations between both countries.

On his turn, the governor of the Central Bank of Namibia, Hipumbo Shimi, said that with this agreement the foundation has been laid for economic autonomy, bringing about a facilitation for the citizens and entrepreneurs of the two states in the acquisition of goods and services in the two territories.

Hipumbo Shimi stressed that the 18 June date marks a glorious and beneficial stage in the friendship history of both countries, knowing that the bilateral relations have been consolidating more and more.

The ceremony was also attended by the governor Cunene Province (Angola), António Didalelwa, the governor of Oshikango (Namibia), Usko Nghaamwa, entrepreneurs from both countries and representatives of the Angola/Namibia Chamber of Commerce.

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