National Bank of Angola guarantees currency to commercial banks

10 February 2017

The National Bank of Angola (BNA) will continue in 2017 to ensure the transfer of foreign currency to commercial banks, said the Governor of the central bank at a meeting in Luanda, in which he reassured the market about demand for foreign currency.

Valter Filipe, while addressing the first meeting of the BNA Advisory Council added that the priorities with regard to the transfer of foreign currency were focused on the payment of imports that the country needs and said there was stability at national level in terms of food, drugs and raw materials.

“We believe that the major monetary aggregates and tax have been well controlled and this gives a certain stability to the market, which points to better control, both in product prices and inflation itself,” said the governor, cited by state newspaper Jornal de Angola .

The meeting of the Advisory Council, the body that decides on reports and accounts, actions, functions and the monetary and exchange rate policy of the National Bank of Angola, served to publish the Angolan Financial System Adequacy Plan, prepare the monetary and exchange rate policy plan, as well as supervision policy.

The governor also said that the BNA’s challenges in 2017 are to strengthen effective banking supervision, in line with international standards, as well as to boost prevention and combat of money laundering, with the technical support of the United States Treasury.

“We must create a credible environment and confidence in the sector, in order to re-establish correspondent bank relations and return to carrying out transactions in dollars and acquire them to finance the economy,” said Filipe. (macauhub)