National Bank of Angola revokes foreign exchange licenses due to inactivity

11 July 2019

The National Bank of Angola (BNA) has revoked the licenses of six bureau de change and a credit union due to “inactivity for more than six months,” according to a statement released on Wednesday in Luanda.

These institutions are the first to lose the licenses granted to them by the central bank this year.

Bureau de change in Angola stopped receiving foreign currency through the then weekly auctions, starting in January 2018, which led to activity coming to a halt.

On 9 January of that year, the BNA gave up its officially set exchange rate system and started selling the currencies to the commercial banks in auctions, initially weekly, later three times a week and now on a daily basis.

Since then, the Angolan currency has depreciated by 52% against the euro and the US dollar, now trading at 389.491 kwanzas per euro and 347.667 kwanzas per dollar, while in January 2018 one euro was equivalent to 185.4 kwanzas, while the dollar was trading at 165.92 kwanzas. (Macauhub)