WINDHOEK: Negotiations between the Bank of Namibia (BoN) and the National Bank of Angola to allow the exchange of the Angolan national currency in Namibia are at an early stage.
Currently, the Angolan currency, the Kwanza, cannot be exchanged for Namibian Dollars here.
Speaking at a media briefing on the BoN’s Monetary Policy stance for the next two months here yesterday, BoN Deputy Governor Ebson Uanguta said the discussions around the Kwanza are at an initial stage, and those negotiations will also determine the exchange rate to be applied.
He said they are trying to allow the Kwanza to be exchanged for Namibian Dollars in the next three months, but not to allow the Kwanza to be legal tender in Namibia.
Since the Angolan Government, in its attempts to strengthen its own currency, decided that the United States of America Dollar would no longer be in circulation within its borders, the business town of Oshikango on the Namibian/Angolan border started sinking into an economic depression.