The National Reserve Bank of Angola (BNA) has completed the process of adopting the Bloomberg Electronic Foreign Exchange Trading System (FXGO) and its auction system, with the aim of bringing greater efficiency and transparency to the Angolan foreign exchange market.
Since the BNA adopted it in June, nearly US$50M has been auctioned twice a week in the system.
The solutions adopted provide the Central Bank with real-time visibility of market activity, improving the supervision of the Angolan foreign exchange market and allowing BNA to manage its market operations more efficiently.
In accordance with BNA’s instructions to the market, banks and trading companies in Angola have begun to electronically trade spot FX on FXGO.
The trading platform allows companies to collect prices from various banks, which will help them obtain a more competitive rate.
The Bloomberg auction system provides a secure environment for BNA to conduct electronic currency auctions and for market participants to track and bid.
“The implementation of the Bloomberg FX trading and auction system represents a very important milestone in the development of the foreign exchange market in Angola,” said Tânia Lopes, director of the Asset Market Department of the National Bank of Angola.
She added that “as part of a series of strategic actions adopted with the support of the IMF, this new technology will bring operations in the Angolan market closer to other reference markets and will result in significant improvements in efficiency and transparency.”