Namibian Dollars to float in Angola

21 Feb 2015 10:40am
WINDHOEK, 21 FEB (NAMPA) – Namibian Dollars will be accepted by banks at Santa Clara in southern Angola, and the Angolan Kwanza will be accepted by banks at Oshikango in northern Namibia from March onwards.
Namibia Chamber of Commerce and Industry (NCCI) Chief Executive Officer (CEO) Tarah Shaanika met his counterpart at the Angolan Chamber of Commerce and Industry (CCIA), Tiago Gomes, in Luanda, Angola last week to discuss ways to make trade agreements between the two parties efficient.
“The meeting commended the central banks of Angola and Namibia for signing a currency exchange agreement which allows the Angolan Kwanza to be accepted by Namibian banks at Oshikango and the Namibian Dollar to be accepted by Angolan banks at Santa Clara,” said Shaanika in a statement issued to Nampa this week.
He said the foreign exchange agreement between the two countries will be very crucial in the facilitation of trade through the Oshikango and Santa Clara border posts.
“The two Chambers therefore called on the business communities of both countries to take advantage of the currency exchange agreement and increase trade volumes between the two countries,” said Shaanika.
They have also agreed to increase investment promotion and facilitation aimed at increasing the flow of investments between Namibia and Angola.
Shaanika said the two Chambers will meet twice every year to review progress made with regards to improving cross-border trade volumes between the two countries.
Their next meeting is set for July this year.
The bilateral agreement was signed by the two governments in 2004, and provides for a Joint Trade Committee aimed at addressing barriers to trade between the two countries.