Angola: Banking Sector Must Be Engine of Economy

(Photo: Vandre Spellmeier)

The financial system must create conditions for banks to be the “engine of the economy”, by supporting the productive sector with the financing of projects that allow Angola to export other products and increase the base of foreign currency, said the governor of the National Reserve Bank of Angola (BNA).

According to Valter Filipe da Silva, the banking sector needs to work so that 70 percent of Angolans have a middle class level, while at the same time having the financial system as an instrument to serve the Angolan prosperity and its development.

The BNA governor, who was speaking about the Angolan financial and foreign exchange situation in the programme “A Grande Entrevista” of the Angolan Public Television (TPA), stressed that in this situation where oil is no longer a strategic tool (product) for development, the country cannot continue to depend on a single source for foreign exchange, hence the vision to strengthen other areas of activity to broaden the sources of revenues collection.

The official emphasized that due to the vulnerability of oil in the international market, whose price is now above USD 52, but which can lower to USD 20 due to the conjuncture, he said that Angola cannot have an economy and financial system that depends on a single source of revenues and foreign currency.

Resorting to data from a study, the governor said that Angola must have at least five large export products of mining extraction, to guarantee entry into the national financial system 1.5 billion US dollars, because today the country’s big problem is the entry of foreign currency into the banking sector.

Source: allAfrica