africa Angola Banking Currency Economy Finance Government

Angola: Central Bank to terminate direct sale of foreign exchange

Approximate reading time: 1 minute

The National Reserve Bank of Angola (BNA) last Tuesday announced that it is to terminate, on 01 October, the direct sale of foreign exchange and will instruct the resumption of such activity by commercial banks and other authorised financial institutions.

The BNA understands that conditions are now set for commercial banks to resume the sale of foreign exchange to their customers, since the exchange market is now with a better legal framework and there is major regularity in the supply of foreign currency.

Until now, the BNA has been holding selective foreign exchange auctions, due to the scarcity of such financial asset.

A note from the BNA states that the direct sale of foreign exchange carried out by the Central Bank has enabled it to have a more precise understanding of the necessary methodology for the protection of the international reserves and issue regulations and guidelines for commercial banks which are better adjusted to the new objectives and methods.

The note stresses that the BNA, under its responsibilities as supervisor and exchange authority, will work closely with the financial institutions so that this transition can be successful and take place without any negative impact on the country’s economic activity.

Source: Angop

Advertisements

Leave a Reply

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