Angola: Anoglan government appeals for purchase of Treasury Bonds

16 April 2009

Luanda, Angola, 16 Apr – The Finance Minister, Severim de Morais, called on families, businesses, banks, insurers and pension funds to put their savings into Treasury Bonds, Tuesday in Luanda.

For this year, he added, bonds are available to the value of 60 billion kwanzas (US$9 billion), and can be purchased at commercial banks or at the Banco Nacional de Angola (BNA).

Severim de Morais stressed that, as well as being issued in kwanzas and offering attractive interest rates, the buyer had the option of selling the bond on the secondary market, should they have liquidity problems.

The issuing of these bonds was an unequivocal sign that, despite the international financial crisis, the government was committed to stability in the market and the economy, said the minister.

In addition to these measures, another monetary policy instrument adopted by the government to maintain the stability of the kwanza, was to increase the commercial banks’ obligatory reserves from 15 to 20 percent, as well as the discount rates, he said.

Under the scope of the government’s Action Plan# to temper the effects of the global financial crisis, on 26 March this year the government approved the Finance Ministry’s issuing of Treasury Bonds in kwanzas, up to the limit established in the General State Budget.

The government began issuing the Treasury Bonds, which are medium- and long-term bonds, issued in kwanzas though indexed to the dollar, on 8 April. (macauhub)