The Angolan Government will no longer issue directives to the governing bodies of the National Bank of Angola (BNA) or any public and private entity, with the coming into force of the new Law (24/21) of the Central Bank.
The measure is contained in the country’s Official Gazette dated October 18, stating that the new law grants independence to BNA, at the institutional, functional, administrative, financial and asset levels.
The move is meant to boost the attributions of the Central Bank which entails the existence of an adequate governance model adjusted to the good practices of the central banks.
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The 112-article document was approved by National Assembly on 1 September this years and promulgate on 4 October this year by the President of Republic, João Lourenço.
Therefore, it is up to National Bank to freely decide on guidance of its activities, making decisions on the formulation and use of relevant instruments in terms of conducting, implementing and managing the monetary, financial, credit and foreign exchange policies.
On the other hand, the Central Bank maintains the oversight, regulation and supervision role in the payment system as well as prudential and behavioral supervision of the institutions participating in the payment system, in accordance with the law and other applicable legislation.