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Home Africa

Angola Reserve Bank plans direct sale of currency from oil companies to banks

FurtherAfrica by FurtherAfrica
June 7, 2019
in Africa, Angola, Banking, Currency, Economy, Finance
Reading Time: 1 min read
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Angola Reserve Bank (BNA) is working along with Oil companies on direct sale of the foreign currency to commercial banks.

The BNA governor José de Lima Massano, who confirmed the strategy, said that currently the procedure is carried out through the tripartite agreement. He meant that the oil companies identify their critical suppliers. Massano said the BNA is working with the Oil Operators Association to set a timetable.

The governor spoke of some situations that impacted on the organisation of the market on the acquisition of currency, which, according to him, also put pressure on the exchange rate.

While returning these operations to the commercial banks, the Central Bank wants to make sure that they occur within a framework of stability and contribute to the development of the economy.

He quoted the international reserves, divided into three categories – resources from the Central Bank, Treasury resources and resources from commercial banks.

According to him, the international resources, held in BNA, come from oil sector.

Source: Angop

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Tags: AngolaAngola Reserve BankBanco Nacional de AngolaBNAcurrency exchangeJosé de Lima Massanoанголаأنغولاアンゴラ安哥拉
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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