Bank of Cape Verde to boost inspection of financial institutions operating in the country

30 September 2010

Praia, Cape Verde, 30 Sept – The Bank of Cape Verde (BCV), which Wednesday celebrated its 35th anniversary, plans soon to boost its role as a regulator of financial institutions operating in the country, its chairman Manuel Frederico said.

The central bank’s chairman said that the changes that would be introduced would require compliance with established rules via greater levels of inspection.

“This means creating better instruments and demanding that institutions meet their obligations, with the central bank having the responsibility of creating the best conditions for inspections to be carried out in an increasingly efficient way,”´he said.

One of the sectors that needed to be better regulated in future, according to Frederico, was that of offshore branches of banks set up in the country.

In relation to these offshore banks, Frederico said that the central bank was working on improving regulation of the sector in order to “take precautions against potential less than positive issues.” (macauhub)