Governor of the National Bank of Angola announces 2nd phase of new exchange market

2 July 2018

The second phase of Angola’s New Operational Framework of the Foreign Exchange Market aims to increase the number of entities that provide foreign currency, in addition to the National Bank of Angola, as well as boost the dynamism of the foreign exchange market, particularly in setting the exchange rate, said on Friday in Luanda the governor of the central bank.

José de Lima Massano added that, in the particular case of the Angolan market, the National Treasury, oil operators and non-oil exporters are those that are able to participate on the supply side, which will be applied in a phased manner, with non-oil exporters onboarding by September and the oil operators after that.

“With regard to the calculation of the exchange rate, we intend to capture the daily movements of buying and selling currencies that occur in the market and the exchange rate will stop being calculated only based on weekly auctions organised by the BNA,” said the governor, at the closing session of the 7th Banking Forum, promoted by local weekly newspaper Expansão.

Lima Massano said that foreign exchange should be viewed as one of the instruments to promote collective well-being and not as an end in itself, and with this in mind there was a need to seek out a balanced and efficient format for access to the foreign exchange market.

The scarce foreign currency available in Angola, Lima Massano noted, should be used efficiently and economically, and used for the development and construction of social welfare and to guarantee more capacity to protect international reserves to maintain the external solvency of the economy. (macauhub)