africa Angola Banking Economy Finance Government

Angolan financial system needs special attention

Angola’s financial system requires special attention in terms of regulation and supervision, said Thursday the Executive Secretary of National Council on Financial Strategy (CNEF).

Gilberto Luther said that this is clear that the system must be supported, developed, and reinforced in terms of supervision and regulation.

The manager said the special attention stems from the importance of financial system in the strategy of development and diversification of the national economy.

The manager did not admit the existence or nonexistence of macroeconomic stability.

According to him, there are macroeconomic constraints that impacts on the financial system due to the realities affecting one another.

He said that the financial system is tasked with supporting the economy, ensuring the banks to grant credit, create alternative mechanisms to raising funds for firms, especially through the capital market.

Speaking on the sidelines of CNEF meeting, the official reiterated that it is impossible to ensure clear economic diversification without a strong financial system.

CNEF comprises minister of Finance (coordinator), governor of National Reserve Bank (BNA) (deputy coordinator).

It also include CEOs of CMC, Arseg and one more manager of each of the three last institutions linked to prudential supervision area.

While, the executive secretary of CNEF, director of  Financial Information Unit (UIF), and Office of Studies and International Relation (Geri) of Finance Ministry, are permanent guests of the body.

Source: Angop

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