August 31, 2017 / 8:31 PM / a year ago

Namibia's foreign reserves hit new high in July

WINDHOEK, Aug 31 (Reuters) - Namibia’s foreign reserves climbed to a new high at the end of July, rising to 33.7 billion Namibian dollars ($2.59 billion)from N$28.5 billion at the end of June, official data showed on Thursday.

The increase in the reserves was attributed to the repatriation of funds by financial institutions from South Africa worth N$2 billion, aided by a N$3 billion African Development Bank (AfDB) loan and repayments by the National Bank of Angola.

Angola still owes Namibia about US$200 million from a failed currency conversion deal that went into effect in June 2015 and collapsed six months later. Four repayments are left, in September, December, March 2018 and June 2018, in equal amounts of US$51 million. ($1 = 13.0025 Namibian dollars) (Reporting by Nyasha Nyaungwa, editing by Larry King)

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