Angola’s central bank announces measures to protect financial system

26 May 2016

The National Bank of Angola (BNA) will seek to reduce internal weaknesses which could put the country on the margins of the global financial system by implementing a new package of measures, the BNA governor said in Luanda.

The package, called “Project for adequacy of the Angolan financial system to prudential and international best practice standards,” is an instrument that, according to Valter Filipe, “aims to sharpen the mechanisms of control and supervision of the financial system in line with the rules and procedures of the international system.”

At a press conference held in the Angolan capital, the governor of the BNA presented a lackluster financial system, with the central bank far from exercising its regulatory role with due rigor, compared to “promiscuous commercial banks with ethical violations.”

Valter Filipe said that in addition to all these problems, “there are now some commercial banks with problems with assets and financial solvency.”

With the implementation of the announced package of measures, the BNA will negotiate with the United States Federal Reserve and the European Central Bank to reverse the current situation and make the Angolan financial system more robust and able to secure financing to small and medium-sized enterprises and ensure the prosperity of families.

To this end, the Financial Intelligence Unit, a key tool for monitoring and combatting money laundering, is being restructured in a partnership between the BNA, the Attorney General’s Office, the Economic Police and the General Tax Administration. (macauhub/AO)