Non-residents may, in the short term, be allowed to invest in the Angolan securities market, said Wednesday in Luanda the chairman of the Capital Market Commission (CMC), Vera Daves, outside the 5th Annual Staff Meeting.
Daves, cited by the Angolan press, said that a strategy with this in mind is being coordinated between the Capital Markets Commission, the National Bank of Angola (BNA) and the Angolan Agency for Regulation and Supervision of Insurance (Arseg).
The chair of the CMC said the National Bank of Angola will publish a notice with the conditions and limits for non-resident investors to invest in the Angolan financial market.
Daves also announced two programmes to make the stock market a reality, one of which for larger companies in order to prepare them to be float their shares and the second designed for small and medium-sized enterprises.
In closing the meeting, on Thursday, Finance Minister, Archer Mangueira, acknowledged that the capital market, although it is already a reality in Angola, is still far from the “major objective that was the basis of its creation, which was to be an alternative channel to finance the development of the Angolan economy.”
The Minister stressed that the existence of effective supervision is a mandatory condition to build market trust, especially the trust of institutional investors and international investment funds.
With this in mind, he said the CMC will have to implement actions to ensure fulfillment of the requirements for full recognition by international peers, particularly in terms of the IOSCO, the International Organization of Securities Commissions. (macauhub)