More currencies boost trade-StanChart

 Botswana Stock Exchange (BSE) listed bank-Standard Chattered Bank has increased their choice of global currencies to online clients in Botswana and other countries, a move that is expected to make currency payments between Asian and Africa-Asia and intra-Africa trade relationships faster. Kwame Asante, Head of Transactions Banking at the bank, said they have increase the number of currencies from 21 to 130, which will also benefits other markets in the African markets such as Uganda and Zambia. “Our corporate clients in Botswana, Zambia and Uganda and our international market footprint will therefore save some costs they incurred when transferring to currencies that we did not have before, because they were compelled to first convert to the US dollars,” said Asante. Furthermore, Kwame said the move was an attempt by the bank to adjust to the growing demand of customers to trade using various currencies, which could not be used initially. The growing trade between Botswana and the international market has also been a factor. The move follows the launch of enhanced online banking foreign exchange services called, ‘Sraight2Bank’.  The latest development in online currencies trading will allow clients access to international trade currencies within the bank’s online banking platform.  Globally, Standard Chartered has made its presence felt mostly in Asian and African countries, but the latest move will likely to be more beneficial to the former.  Asante said their clients would save time, without having to call the global market every time to ask for currency rates. “Clients will now be able to trade with 130 nations, which will boost their trade and enhance their progress,” he said.

Last modified on Wednesday, 31 July 2013 16:21

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