Angola still owes Nam N$2.5b
Banco Nacional De Angola and the Bank of Namibia remain committed to fulfilling the currency conversion mechanism undertaken.
Bank of Namibia deputy governor Ebson Uanguta said Banco Nacional De Angola owes them approximately N$2.5 billion following a currency conversion agreement that was implemented three years ago.
According to him, the Angolan central bank will fulfil its obligation to Namibia by the end of next year and have always made their payments on a timely basis.
He provided the update during a courtesy call by the Angolan monetary authorities to President Hage Geingob at State House on Friday.
“A schedule is being followed and there are still four payments to be done. What is remaining is about US$200 million (N$2.5 billion),” said Uanguta. The Angolan central bank still has two payments to be made this year and will settle the outstanding amount owed to the Bank of Namibia by the end of next year, Uanguta said.
“We are still expecting two payments this year and two final payments next year.”
The authorities briefed the president on trade developments following the inking of a currency conversion agreement in November 2014.
“We had brought the Angolan delegation to meet His Excellency. We just briefed the president about our relations,” said Uanguta adding that the visit was really not to discuss money matters.
According to Uanguta, the monies received had helped bolster foreign currency reserves, something he welcomed.
“The payments have always been coming. We received quite a sizeable amount with a recent payment and at this point in time it really helps to boost our reserves. It is an advantage at this time,” he said.
He reiterated that Banco Nacional De Angola had never defaulted on its obligations.
“The payments have always been received on time,” said Uanguta.
With the current currency agreement expected to come to an end next year, Uanguta said the Bank of Namibia would reflect on any new arrangements with Angola it would plan to undertake in future.
“It is something we can reflect on when the Namibian economy and the Angolan economy recovers. We should see a strong revival of this agreement,” he said.
Banco Nacional De Angola representative, Filipe Da Silva, said his organisation remained committed to honouring its obligation to Namibia.
“We will continue to honour the payments despite our financial difficulties,” Da Silva said.
The two regulatory monetary authorities entered into a currency conversion agreement on 22 September 2014.
The agreement enabled residents of the border towns of Santa Clara and Oshikango to exchange their Kwanzas for Namibia dollars to facilitate the payment of goods and services.
The mechanism commenced on 21 December 2015 and saw upwards of N$3.6 billion at the end of May 2015, prompting monetary authorities to relook the arrangement.
OGONE TLHAGE
According to him, the Angolan central bank will fulfil its obligation to Namibia by the end of next year and have always made their payments on a timely basis.
He provided the update during a courtesy call by the Angolan monetary authorities to President Hage Geingob at State House on Friday.
“A schedule is being followed and there are still four payments to be done. What is remaining is about US$200 million (N$2.5 billion),” said Uanguta. The Angolan central bank still has two payments to be made this year and will settle the outstanding amount owed to the Bank of Namibia by the end of next year, Uanguta said.
“We are still expecting two payments this year and two final payments next year.”
The authorities briefed the president on trade developments following the inking of a currency conversion agreement in November 2014.
“We had brought the Angolan delegation to meet His Excellency. We just briefed the president about our relations,” said Uanguta adding that the visit was really not to discuss money matters.
According to Uanguta, the monies received had helped bolster foreign currency reserves, something he welcomed.
“The payments have always been coming. We received quite a sizeable amount with a recent payment and at this point in time it really helps to boost our reserves. It is an advantage at this time,” he said.
He reiterated that Banco Nacional De Angola had never defaulted on its obligations.
“The payments have always been received on time,” said Uanguta.
With the current currency agreement expected to come to an end next year, Uanguta said the Bank of Namibia would reflect on any new arrangements with Angola it would plan to undertake in future.
“It is something we can reflect on when the Namibian economy and the Angolan economy recovers. We should see a strong revival of this agreement,” he said.
Banco Nacional De Angola representative, Filipe Da Silva, said his organisation remained committed to honouring its obligation to Namibia.
“We will continue to honour the payments despite our financial difficulties,” Da Silva said.
The two regulatory monetary authorities entered into a currency conversion agreement on 22 September 2014.
The agreement enabled residents of the border towns of Santa Clara and Oshikango to exchange their Kwanzas for Namibia dollars to facilitate the payment of goods and services.
The mechanism commenced on 21 December 2015 and saw upwards of N$3.6 billion at the end of May 2015, prompting monetary authorities to relook the arrangement.
OGONE TLHAGE
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