Angola settles N$600m debt
The Angolan central bank, Banco Nacional de Angola (BNA), this week settled a US$51 million (N$600 million at the then exchange rate) debt owed by the Angolan government to the Bank of Namibia (BoN).
A source familiar with the matter said the Angolan central bank had honoured its obligation in line with its commitment to make final payment by 25 June. This follows the conclusion of a currency swap arrangement undertaken by the two central banks in 2014 valued at US$426.3 million (about N$5 billion). The BoN is expected to make an announcement with regard to the final payment towards the end of the week. BoN spokesperson Kazembire Zemburuka had previously told Namibian Sun there was no doubt the Angolan central bank would make good on its commitment to pay. “The Bank of Namibia expects the final payment at the end of the second quarter, at the end of June 2018, as per the signed agreement between the two central banks, which continues to be honoured,” said Zemburuka.
According to him, BNA had in the first quarter of 2018 made a payment of US$51.3 million, steadily reducing its obligations to the BoN.
“As of now, BNA owes US$51.1 million after a payment of US$51.3 million was made on 28 March 2018, in line with the signed agreement,” Zemburuka said at time.
When Angolan President João Lourenço visited Namibia in April, President Hage Geingob spoke positively about the relationship between the two central banks during a press briefing held at State House.
“We are pleased with the fact that Banco Nacional de Angola has honoured its commitments in terms of the settlement of its obligations to the Bank of Namibia, as agreed between the two sister banks,” Geingob said.
The currency swap arrangement was introduced to bolster trade between Namibia and Angola. The arrangement allowed businesspeople and traders to legally bring foreign currency across the Angolan border.
OGONE TLHAGE
A source familiar with the matter said the Angolan central bank had honoured its obligation in line with its commitment to make final payment by 25 June. This follows the conclusion of a currency swap arrangement undertaken by the two central banks in 2014 valued at US$426.3 million (about N$5 billion). The BoN is expected to make an announcement with regard to the final payment towards the end of the week. BoN spokesperson Kazembire Zemburuka had previously told Namibian Sun there was no doubt the Angolan central bank would make good on its commitment to pay. “The Bank of Namibia expects the final payment at the end of the second quarter, at the end of June 2018, as per the signed agreement between the two central banks, which continues to be honoured,” said Zemburuka.
According to him, BNA had in the first quarter of 2018 made a payment of US$51.3 million, steadily reducing its obligations to the BoN.
“As of now, BNA owes US$51.1 million after a payment of US$51.3 million was made on 28 March 2018, in line with the signed agreement,” Zemburuka said at time.
When Angolan President João Lourenço visited Namibia in April, President Hage Geingob spoke positively about the relationship between the two central banks during a press briefing held at State House.
“We are pleased with the fact that Banco Nacional de Angola has honoured its commitments in terms of the settlement of its obligations to the Bank of Namibia, as agreed between the two sister banks,” Geingob said.
The currency swap arrangement was introduced to bolster trade between Namibia and Angola. The arrangement allowed businesspeople and traders to legally bring foreign currency across the Angolan border.
OGONE TLHAGE
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