Angolan central bank seeks to restore confidence in and credibility of the banking system

29 November 2016

A delegation of the National Bank of Angola (BNA) on Monday began a tour of Italy and the United Kingdom to strengthen cooperation with the financial systems of those two countries, the Angolan central bank said in a statement.

The tour by the Angolan delegation, which is headed by the governor of the BNA, Valter Filipe, is part of ongoing activities by the Angolan banking system among the world’s financial centres and a strategy of obtaining regulatory and equivalent supervision, according to a statement from the institution.

The statement adds that the visit by the delegation, which includes the Angolan Banks Association, aims to restore confidence, credibility and make improvements to prevent and combat money laundering and financing of terrorism as well as to the strategy of obtaining equivalent regulation and supervision.

With the same purpose, representatives of Angolan banks travelled to Washington in October and met with bank associations and US regulators, such as the Bank of America, the United States Export and Import Bank, United Bank, Citibank and Capital One.

International recognition of the National Bank of Angola as a credible supervisory body is a particularly important issue for the Angolan banking sector, which due to international pressure has been prevented from accessing the foreign exchange market (USD).

A year ago the US Federal Reserve decided to suspend the sale of dollars to banks based in Angola, due to the alleged continued violation of the rules regulating the sector and suspicion that the country may be financing terrorist networks. (macauhub)