National Bank of Angola “rationalises” foreign exchange available to commercial banks

29 January 2016

The governor of the National Bank of Angola (BNA) said Thursday in Luanda that the BNA is promoting the “rationalisation” of foreign exchange to commercial banks, but gave assurances that the resources available for 2016 “are enough”, according to Angolan news agency Angop.

“For 2016, we have enough resources to generate the growth rates we have pointed to or that will be established within the framework of the Government’s investment programme” said José Pedro de Morais Júnior.

The governor of the BNA said that in Angola´s new economic climate there is reduced availability of foreign currency that commercial banks buy through BNA auctions.

The lack of foreign currency in Angola has led commercial banks to apply restrictions – or simply to suspend – customers taking out dollars from the bank, the currency needed for trips abroad, to ensure education or health spending abroad. There are also delays of several months in bank transfers abroad.

According to the governor of the BNA, Angola’s net international reserves in December totalled US$24.1 billion, a decrease of 11.53 percent compared to 2014, but still sufficient to cover six months of imports.

José Pedro de Morais was speaking after the approval by the Council of Ministers, of the national strategy to deal with the continuous decrease of Angolan oil revenues, which includes giving priority access to foreign currency to national productive sectors. (macauhub/AO)