Windhoek
The chief executive of Standard Bank, Vetumbuavi Mungunda, and the Chinese Ambassador to Namibia Xin Shukang recently announced the renminbi cash exchange solution at Standard Bank’s Windhoek branch.
As from February 1, Standard Bank will facilitate the interchange and exchange of notes between renminbi and the Namibian dollar. This service will be available at Standard Bank’s Maerua Mall, Swakopmund, Windhoek and Walvis Bay branches.
China’s renminbi currency is growing in dominance and is becoming widely accepted as a currency of global trade. The renminbi’s dominance in the global trade follows its recent inclusion in the elite International Monetary Fund’s Special Drawing Right (SDR) basket of currencies. The move was seen as a vote of confidence in China’s economic reforms and its efforts to establish the nation’s currency as an international reserve asset.
Trade between China and Namibia has been on the increase. China is Namibia’s sixth largest export market and Namibia’s exports to China in terms of value grew from N$939 million in 2011 to N$1.4 billion in 2013 and N$1.9 billion in 2014. “Offering the exchange of these two currencies brings further convenience to our clients in addition to our international swift transfers and trade relations services,” says Amit Mohan, head of corporate and investment banking at Standard Bank.
He adds that Standard Bank was among the first to recognise and focus on the growing relationship between Africa and China. “Our relationship with China is underscored by our close ties with the Industrial and Commercial Bank of China which holds a 20.1 percent stake in the Standard Bank Group. This signifies our continuous striving to enhance our customer experience and support the growing trade and economic relations between China and Namibia,” adds Mohan.
The announcement of the renminbi cash solution coincides with the Chinese New Year celebrations (Year of the Monkey) coming up on February 8.