Angola to have fund to guarantee bank deposits in 2012

31 October 2011

Luanda, Angola, 31 Oct – A fund to guarantee the savings deposited by customers in retail banks may start operating in 2012 the governor of the National Bank of Angola (BNA), José de Lima Massano said Sunday in Luanda.

In an interview with television channel Televisão Popular de Angola (TPA), the governor also said that in the absence of a guarantee fund the instrument that safeguarded the interests of depositors, if a bank were to go bankrupt, was made up of required reserves, which as well as being a monetary policy instrument were also to protect customers.

Massano said that the BNA managed required reserves strictly and carefully and added that, “the reserves that retail banks have at the BNA are sufficient to honour payments that are presented.”

The governor also said that there was not a single case in which the BNA had received a complaint that was not dealt with and resolved, and he thus gave assurances that there was no liquidity problem in the Angolan economy.

In terms of the prospect of turning Angola into a strong financial market within the Southern African Development Community (SADC) and Africa as a whole, he said that the national bank sought to work in line with the Basel II accord and was working hard against money laundering based on recently approved laws.

The governor of the National Bank of Angola said that the Angolan financial had assets of approximately US$51 billion. (macauhub)