Half of Angola’s debt at BoN settled

Angola’s central bank has already paid about half of its outstanding debt to the Bank of Namibia (BoN).

BoN Governor Ipumbu Shiimi on Wednesday said the Banco Nacional de Angola (BNA) has paid up to US$150 million (about N$2.1 billion) of its debt of nearly N$4 billion to Namibia.

Shiimi said that another payment of US$100 million from the BNA is expected in December this year.

The last payment will be made in June 2018.

He said since the two central banks renegotiated the re-payment scheduled in December last year, the BNA has adhered strictly to the agreement.

The BoN and BNA entered into an agreement on 18 June 2015 to allow the exchange of the Angolan kwanza for the Namibian dollar at Oshikango in northern Namibia and Santa Clara in southern Angola, in an effort to maintain the momentum of business transactions between the two countries.

The two central banks agreed for the BNA to repay the BoN repurchase costs for kwanzas that have come and gone through Namibia since the agreement was implemented. - Nampa