Yuan to Nam dollar exchange facilitation doubles
The volume of trade in the exchange of the Chinese Yuan and the Namibian Dollar has almost doubled, since the introduction and facilitation of the Yuan last year by Rand Merchant Bank Namibia (RMB), according to bank official.
Despite, the economic headwinds that have resulted in a deterioration of fiscal and external trade position in 2015/16, Global Markets Sales and Customer Dealer at Rand Merchant Bank Namibia (RMB), Neville Ntema, said that the service has doubled.
Ntema said that, there has been real traction in client taking up Chinese Yuan transactions.
“The service has especially taken traction with our SME clients, that is from small equipment purchases to Brazilian Hair imports,” he said.
According to him, the service will continue to form part of the staple currencies the bank offers to their clients going forward.
Meanwhile in terms of challenges that the bank experienced, Ntema said that there have been questions around the currency tiers in China, “but we are well qualified and able to advise all our clients properly, and thus far all has been smooth sailing,” he explained.
RMB Namibia paved the way for other dealers when they launched the Yuan exchange platform to ensure that trade between Namibia and China is made easier in Sept. 2015 and earlier in February this year Standard Bank Namibia also launched a similar service.