With the Currency Conversion Agreement between Namibia and Angola set to take effect on 18 June, this agreement is expected to enhance trading activities as well as economic relations between the two countries.
Ndangi Katoma, Director: Strategic Communications and Financial Sector Development in his issued statement said that, the Bank of Namibia and Banco National de Angola agreed that the Currency Conversion Agreement will come into effect next week following the agreement signed between the two central banks in September 2014.
Initially, the agreement was expected to be effective from March 2015 but the effective date had to be postponed and according to Katoma, this allowed them more time to finalise preparatory work pertaining to the implementation of the agreement.
“This Agreement will facilitate reciprocal conversion of the national currencies of Namibia and the Angola at the border towns of Oshikango and Santa Clara. Said BoN, this will mean that any Namibian travelling to the town of Santa Clara, Angola will be able to legally exchange the Namibia Dollar into Angola Kwanza at any commercial bank or bureau de exchange at Santa Clara,” he said.
“Like wise, any Angolan citizen will be able to exchange the Angola Kwanza at any commercial Bank or Bureau de exchange at Oshikango for the Namibia Dollar at the applicable daily exchange rate,” he added.