National Bank of Angola settles $426 million debt with Namibian counterpart
Failed currency agreement resulted in huge accumulation of debt
The National Bank of Angola (BNA) has paid its Namibian counterpart $51.1 million, completing a debt repayment plan drawn up in the aftermath of a failed currency agreement.
“The Bank of Namibia is delighted that the debt repayment has been concluded in the spirit of mutual trust and co-operation,” said Ebson Uanguta, deputy governor of the Bank of Nambia, at a press conference on June 29.
The debt was the result of a ‘currency conversion agreement’, launched in June 2015, which allowed for
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