Standard Bank Namibia to facilitate Renminbi exchange

28 Jan 2016 18:20pm
WINDHOEK, 28 JAN (NAMPA) - Standard Bank Namibia will as from 01 February facilitate the exchange of the Chinese Renminbi (RMB) and the Namibian Dollar.
The service will be available at the bank’s Maerua Mall, Swakopmund, Windhoek and Walvis Bay branches.
In an interview with Nampa during the announcement of the agreement here last week, Head: Global Markets at Standard Bank, Yolanda Fourie said it was a natural fit for the bank to have opened trade lines with China because of the good relations that exist between the bank and Chinese nationals in Namibia.
“The Industrial and Commercial Bank of China (ICBC) is also a 20.1 per cent shareholder of the Standard Bank group,” said Fourie.
Also speaking during the event was Chinese Ambassador to Namibia Xin Shunkang, who said the stability, efficiency and reliability of the Chinese economy, will also benefit Namibia’s economy.
A statement issued by Standard Bank Namibia on Thursday said trade between China and Namibia has been on the increase. China is Namibia’s sixth-largest export market. Namibia’s exports to China have in terms of value grown from N.dollars 939 million in 2011 to N.dollars 1.4 billion in 2013 and 1.9 billion in 2014.
“Offering the exchange of these two currencies brings further convenience to our clients in addition to our international swift transfers and trade relations services,” Amit Mohan, Head: Corporate and Investment Banking at Standard Bank Namibia was quoted as saying in the statement.
At the time of publishing this article, 1 RMB was equal to N.dollars 2.46.