africa Angola Banking Economy Finance

Angola: Commercial banks informed of deposits guarantee fund

Approximate reading time: 1 minute

The National Reserve Bank (BNA) last Tuesday in the north-western Luanda Province presented to commercial banks the regulation on Deposits Guarantee Fund (FGD), a document that was approved through the Presidential Order number 195/18 of 22 August 2018.

The Deposits Guarantee Fund outlines protection of deposits of up to 12.5 million kwanzas.

In the meeting, the BNA director Pedro Castro e Silva, explained that the fund serves as a guarantee for small deposits.

According to a BNA note, published in the institution’s website, the meeting with the commercial banks was intended to clarify bank managers about the need to put the FGD into effective operation, aiming at the consolidation of the country’s financial system.

Source: Angop

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.