US will support the National Bank of Angola to improve banking supervision

25 January 2017

The National Bank of Angola should receive support this year from the United States authorities to improve banking supervision and prevent money laundering, said the central bank’s governor Valter Filipe in a ceremony held on Tuesday in Luanda.

The governor, speaking at the act that marked the fortieth anniversary of the launch of the kwanza, which in 1977 replaced the Portuguese escudo, said the US support is essential for Angolan banks to “redeem their reputation with correspondent banks” and, therefore, once again have access to foreign exchange.

Filipe also said he had been in the United States in October 2016 and “based on the contacts that we have had and we have continued to have I deduce that this year we will have support from the US Treasury,” according to Portuguese news agency Lusa.

Speaking specifically of the kwanza, the governor of the Angolan central bank said that it is a fundamental tool to support the economy, which is in a process of diversification.

The governor stressed that the BNA, as an issuing bank and responsible for preserving the value of the national currency, is responsible for ensuring the stability of the value of the currency, whose intrinsic functions are to be a medium for exchange, payment and value reserve. (macauhub)