Ver Angola

Banking and Insurance

Banco Angolano de Investimentos has just 17 percent of its foreign exchange needs

Banco Angolano de Investimentos announced this Friday that it only has 40 million dollars available, around 17 percent of its foreign exchange needs (234 million dollars).

: Site do BAI
Site do BAI  

In a statement, Angola's largest bank said that, after the Ministry of Finance announced on February 10 that it would offer the amount of 300 million dollars for sale to banks, Banco Angolano de Investimentos intended to acquire 175 million dollars, which would cover 75 percent of the volume of registered operations and awaiting exchange coverage on that date.

Given the small amount it acquired, the banking institution informed customers that, during this week, it is executing operations that were received until November 17, 2023, recording a need of approximately 234 million dollars.

"Aware of the challenges resulting from the reduction in the availability of foreign exchange in the market, a situation that has been going on since mid-2023, we understand the anxiety, misunderstanding and complaints of our customers, so we will continue to make the best efforts to minimize this situation", they highlighted in the note.

According to the bank, foreign exchange operations carried out by customers "are processed in order of registration, without giving priority to any customer, with the exception of those relating to health and education payments directly to the respective establishments, after completing all verification procedures compliance".

The significant reduction in export revenues (around 28 percent) led to a lower availability of foreign currency in 2023 (-37 percent) and led to an accumulated depreciation of the Angolan currency in the order of 39 percent in 2023, particularly pronounced in the months of May and June.


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