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Experts analyse Angolan banking correspondence

The interruption of banking correspondence with Angolan commercial banks, coupled with the oil price fall, is having a negative impact on the country’s financial system.

This was said Wednesday in Luanda by the governor of the Angola Reserve Bank (BNA), Valter Filipe da Silva.

According to the official, this is a situation that is affecting the banks’ capacity to effect payments linked to the import of foodstuffs, medicines, raw materials, remittance for students and medical aid abroad.

Valter Filipe da Silva stated that the Angolan financial system has been recording falls and restriction in its direct banking correspondence, as a result of a greater demand from correspondent banks.

According to him, another source of difficulties rests on complying with international regulations on supervision, money laundering and terrorism funding.

Addressing the opening of the Round Table on Banking Correspondence, Valter Filipe said BNA is working with local and foreign interested parties to make the national system more solid and robust in order to reduce the impact of the termination of Banking Correspondence.

The parties interested include regulators and institutions like FED, the US Department of State, Treasury and Justice, South African and Portuguese banks, from which Angola is seeking technical assistance and training for its financial system operators.

Meanwhile, the head of the International Monetary Fund mission, Ricardo Velloso, said banking correspondence is a challenge that has to be dealt with.

He also spoke of the need for continued effort to improve the bank’s supervision system, particularly in the area of money control and laundering, so that the international banks feel safe.

The event was attended by members of commercial banks managing boards and representatives of the International Monetary Fund.

Source: Angop

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