Namibian commercial bank begins Renminbi trading to ease business transactions

WINDHOEK - Bank Windhoek, a Namibian commercial bank, on Monday commenced the trading of the Chinese currency renminbi or yuan notes (CNY) countrywide as part of efforts to boost business transactions with the Chinese community.

Bank Windhoek which offers a wide range of financial services and products, including personal, corporate, electronic and international banking services, via a network of 50 branches, will accept denominations of 10, 20, 50 and 100 CNY at its branches.

Yuan notes will be traded in addition to the current range of foreign currency notes which are exchanged at 0 percent commission, said Windsor Markus, Head of Treasury Sales at Bank Windhoek.

"Bank Windhoek's business clients also have one less thing to worry about by buying their foreign notes at 0 percent commission. They can rather focus on their business and not have to shop around for the lowest charges when banking their foreign exchange," he added.

According to Markus, travelers can purchase their foreign exchange up to 60 days prior to departure.

Meanwhile over the last two years two other commercial banks, Standard Bank Namibia and First National Bank, in the country embraced that trade of the renminbi by launching products that would cater to the Chinese nationals doing business in the country.