Banco Nacional de Angola gives commercial banks autonomy in the sale of foreign currency

19 September 2018

The National Bank of Angola (BNA) from 1 October will no longer carry out direct sales of currencies, the central bank said in a statement released on Tuesday.

As a result, the statement said, requests for the purchase of foreign currency should now only be submitted to commercial banks authorised to trade in foreign exchange.

The adjusted system of direct sales has enabled the BNA to gain a more precise understanding of the methodology required for the protection of international reserves and to issue regulations and guidelines to commercial banks focused on that objective.

Through this system, the BNA also ensured the impartial availability of foreign currency in the payment of arrears and a reduction of negative customer perceptions about the selection criteria for beneficiaries applied by commercial banks.

However, the statement continues, as, “the exchange market is better regulated and there is more regularity in the supply of foreign currency, conditions are created to give autonomy in the sale of foreign currency back to commercial banks.”

The BNA, exercising its supervisory and exchange authority responsibilities, will work with financial institutions to ensure that this transition is successful and occurs without any negative impact on the country’s economic activity, the statement said. (macauhub)