Consultations ongoing for Kwaza-Nam dollar exchange
17 Mar 2015 12:20pm
WINDHOEK, 17 MAR (NAMPA) The consultation process on the full implementation of the exchange of currency at border towns between Namibia and Angola is yet to be finalised.
The consultations are being carried out between the Bank of Namibia (BoN) and Angola Reserve Bank.
BoN Governor Ipumbu Shiimi and Banco Nacional de Angola's Dr Jose de Lima Massano signed a Currency Conversion Agreement on 22 September 2014 to allow business people and traders to legally export either Namibian dollars to Angola or the Angola Kwanza into Namibia for trading purposes.
BoN's Director for Strategic Communications and Financial Sector Development, Ndangi Katoma told Nampa recently that the agreement between the two central banks was signed to allow for the exchange of Angolan Kwanza at the boarder town of Oshikango and Namibia dollars at the town of Santa-Clara in Angola.
The agreement is expected to be finalised during March 2015.
Oshikango is one of the trade hub in the Northern part of Namibia where thousand tonnes of trading goods leave the country into Angola.
Katoma said consultations are on-going to set a full implementation date.
He said consultations on the matter with the newly appointed governor of the Banco Nacional de Angola José Pedro de Morais Júnior has also been finalised.
He, however, explained that the exchange of currency does not mean that the Angola Kwanza will be a legal tender in Namibia.
Katoma said the exchange will only be acceptable for business persons with business interests at Oshikango and Santa-Clara towns.
The South African Rand (ZAR) and the Namibian Dollar (N$) are the only legal tenders in Namibia.