Angola and Namibia suspend currency conversion deal

*DEAL OFF ... The Governor of Banco Nacional De Angola Jose Pedru De Morais (L) and Governor of the Bank of Namibia, Ipumbu Shiimi exchange currencies at the official commencement of the Namibian Dollar and Angolan Kwanza currency conversion agreement at the Oshikango border post.

*DEAL OFF … The Governor of Banco Nacional De Angola Jose Pedru De Morais (L) and Governor of the Bank of Namibia, Ipumbu Shiimi exchange currencies at the official commencement of the Namibian Dollar and Angolan Kwanza currency conversion agreement at the Oshikango border post.

05 December 2015, Luanda — The Angola central bank (BNA) and the Bank of Namibia (BON) have decided to temporarily suspend the Currency Conversion Agreement as from 2 December this year.

The deal that was in force since 18 June 2015 has been suspended until a new mechanism for its implementation is put in place.

The Currency Conversion Agreement signed between the two banks was meant to facilitate commercial transactions between residents of border towns of Santa Clara (Angola) and Oshikango (Namibia).

A BNA note that reached Angop on Thursday says the suspension follows the need for a new mechanism for implementation of the deal.

It is intended that the new mechanism enables Angolans access to Namibian Dollars from banks and exchange bureaus at border towns, and Namibians to buy Angola’s Kwanzas from banking institutions in Oshikango.

Therefore, according to the note, the agreement as it is today, will remain suspended until a new mechanism for its implementation is established.

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