The Bank of Namibia and Banco Nacional de Angola have signed an agreement to formalise technical collaboration and partnership. The agreement will focus on payment system integration enabled by digital capabilities and trade related guarantees between the banking institutions of the two countries. Additionally, it will involve sharing data and research into trade and related financial transactions to mitigate revenue leakages and sharing knowledge on financial inclusion initiatives. Both central banks have prioritised trade facilitation and plan to explore retail payment options such as prepaid cards for the payment of goods and services.
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Angola: Central bank cuts interest rate
Angola’s central bank has cut its main interest rate to 18% from 20% in an effort to boost economic growth. The move comes as Angola, an oil-dependent country, continues to struggle with a sharp drop in oil prices and an economic downturn. The central bank said the decision was made to “support the recovery of economic activity.”
Categories: Regulators