Central Bank of Angola introduces changes in the primary foreign exchange market

20 November 2017

Fifty thousand dollars is the minimum amount that each Angolan commercial bank will receive per sale session to cover the transactions of private individuals and international bank cards, the Angolan central bank (BNA) said on Friday in Luanda.

The BNA reported it had adopted this criterion based on the need to adjust the methodology and transparency in the allocation of foreign currency to commercial banks in the sessions – held every Thursday – while the auction system remains on hold.

The value mentioned, the document said, relates only to the coverage of special operations related to trips, family support, health, education, and wages of foreign workers, consignment of cash and international cards.

The statement notes that the total amount for transactions for these purposes shall be assigned based on the market share of the private individuals segment of each of the banks.

Market share is calculated based on the variables of deposits and credit of the segment of individuals of each bank, using data from account settlement in the previous month.

The BNA makes transactions in the primary foreign exchange market solely in euros, after US correspondent banks stopped trading dollars with the Angolan banking system.

Between January and September of this year, according to the BNA’s figures, the commercial banks bought over 9.07 billion euros in foreign currency from the central bank, a monthly average of over 1 billion euros. (macauhub)