Currency deal sours as Angola's economic meltdown continues

by Ndama Nakashole

THE currency exchange agreement between the central banks of Namibia and Angola seems to be in limbo as designated banks are not issuing Namibia dollars.

Angola has not purchased any Namibia dollars since last year.

The currency conversion agreement allowed for currencies from both countries to be exchanged at the border towns of Oshikango and Santa Clara but since 21 December 2015, the Bank of Namibia demanded that Banco Nacional de Angola buys Namibia dollars from BoN and make it available at Santa Clara through its designated commercial banks.

However, when The Namibian visited two commercial banks at Santa Clara last week, Banco Angola and BANC were only exchanging from Namibia dollars to kwanza but not kwanza to Namibia dollars.