The direct sale of foreign currency by oil companies to Angolan commercial banks, a process that began on Thursday (January 2), will facilitate the normalization of the national foreign exchange market, said business consultant Galvão Branco.
According to Galvão Branco, who was speaking to Angop, the direct sale of dollars from oil companies to banks, without the direct intermediation of the National Bank of Angola (BNA), will allow the market to establish the real price between the demand and supply of the currency and not administratively as before.
The measure for oil companies to sell their currency directly to commercial banks was adopted on 29 November 2019 at the last meeting of the BNA’s Monetary Policy Committee.
With this measure, which aims to consolidate the liberalized foreign exchange market since last 23 October, Galvão Branco said he hopes that the market will work and that the currencies in transaction will have their real value, facilitating the country’s relations with foreign countries.
From now on, in his view, mechanisms are in place to regulate the market more transparently and more closely to the economic reality of the country.