Cabo Verde government wants to prevent interference in central bank budget approval

12 July 2019

The Cape Verdean government will approve a regulation that would prevent a finance minister from interfering in the approval of the operating budget of the Bank of Cabo Verde (BCV), said the current deputy prime minister and finance minister on Thursday.

Olavo Correia, speaking at the inauguration of the new members of the BCV’s fiscal council, said that the central bank is a “well-managed institution” with its internal control bodies, so “it makes no sense for the government, through the Minister of Finance, to approve the bank’s operating budget.”

“We will eliminate this rule,” said the minister, adding that, in this way, the BCV’s bodies will have “all the powers to manage the institution and provide accounts to external entities in accordance with the law,” according to the local press.

Correia also announced the creation of the Corruption Prevention Board in order to avoid corruption in both the public and private sectors, “although Cabo Verde does a good job at this level.” (Macauhub)