Ver Angola


Angola and Namibia resume currency conversion agreement to improve trade

The central banks of Angola and Namibia decided to resume the currency conversion agreement of both countries to “facilitate” the payment of the settlement of goods and services and “improve commercial exchanges”, it was announced this Thursday.


The National Bank of Angola (BNA) and the Bank of Namibia (BoN) in a joint communiqué announce the "reinforcement of excellent cooperation ties and the decision to collaborate on several fronts with a view to ensuring the strengthening of price and financial stability".

Both banks decided to "cooperate in the field of promoting effective, modernized and digitally enabled payment methods between the two countries, improve trade-friendly exchange control regimes and protect the stability and integrity of their respective financial systems".

The BNA and BoN also agreed to improve trade facilitation, using existing and regional cross-border payment system arrangements to ensure faster remittances.

To facilitate payments in support of trade between the two countries, the two central banks also agreed to "explore innovative and instant payment solutions as well as other financial services under the Fintech Regulatory Framework approaches".

"On the other hand, both countries agreed to ensure better participation in the Transaction Clearing Scheme on an Immediate Basis (TCIB), introduced through the Southern African Development Community (SADC) payment systems frameworks, for faster and more accessible cross-border remittances", reads the note released by the BNA.

Regarding exchange controls, both central banks found that the measures were "historically punitive and harmful to trade, expressing their commitment to the gradual and conditional elimination of restrictions on capital accounts".

"While supporting the objectives set out in Annex 4 of the SADC Financing and Investment Protocol, to cooperate and coordinate on exchange control matters", the note says.

Central banks must also "promote collaboration between financial intelligence units, to maintain financial integrity, exchange information on illicit financial flows and any violations of applicable laws".

The two institutions reaffirmed their commitment to working together in the regulation and supervision of the financial system through the exchange of best practices and benchmarking.

The cooperation "not only promotes trade, but also protects the two countries' financial systems, guaranteeing the security and stability of the financial system, an essential condition for economic development and prosperity."

They also reaffirmed collaboration on "emerging matters such as digital currencies, particularly central bank digital currencies and cryptographic assets, to better understand the impact of these developments on monetary and financial stability".

According to BoN governor Johannes Gawaxab, quoted in the statement, the renewed cooperation "will facilitate trade and contribute to economic recovery in both countries".

The governor of the BNA, José de Lima Massano, who led a delegation that visited Namibia for three days, said that bilateral cooperation "is the appropriate line of action to strengthen ties between neighbors who share a rich history, in order to create a prosperous future for both countries".


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