National Bank of Angola to start disclosing corrective measures applied to financial institutions

26 September 2018

The National Bank of Angola is due on 1 October to start quarterly publication on its website of all corrective measures applied to all financial institutions operating in the country, according to a statement released on Tuesday.

The decision, which is based on the Basic Law on Financial Institutions, intends to inform the public of all measures taken to prevent practices that are detrimental to the stability of the financial system and to the relationship of trust and balance that it must establish between itself and its customers.

The notice recalls that the central bank, as supervisory authority of the banking financial system, has a diverse set of corrective measures and procedures that allow it to intervene effectively and expeditiously to prevent and repress violations of the rules of a legal or regulatory nature governing the banking sector.

These corrective measures and procedures shall apply, in particular, where prudential and behavioural aspects of the management of supervised entities are involved, the statement said.

The Angolan financial system is made up of 30 banks, one of which is not in business, one leasing company, 75 foreign exchange offices, 42 foreign exchange offices authorised to carry out remittances, 40 microcredit companies, four credit unions, two companies that provide payment services and 18 transfer companies.

The system also includes six representative offices of foreign banks and a credit risk information centre, according to the list provided by the National Bank of Angola. (macauhub)