Ver Angola


BNA criticizes banks that do not liberalize the exchange rate

The National Bank of Angola (BNA) criticized this Tuesday that there are banks that insist on keeping the exchange rate of the kwanza against the dollar indexed to that practiced by the regulator, distorting the market and damaging the economy.


"Some commercial banks have not yet understood that the exchange rate arises from the interaction between demand and supply of foreign currency and persist in keeping their rates indexed to that of the BNA, regardless of their supply and demand levels in their banks", read in the minutes of the meeting held by the regulator with the Angolan Banking Association.

In the document, to which Lusa had access, the financial regulator criticizes, without naming, banks that do not vary their exchange rate according to the availability of foreign currency, warning that "this behavior generates exchange arrears, anxiety, increases the informal, removes transparency, predictability and competitiveness to the market, to the detriment of those who need foreign currency ".

According to the minutes of the meeting that took place on Friday afternoon, the BNA recalled that "there are no longer any collateral rules, priority lists and schemes perverse to the normal functioning of the foreign exchange market" and stressed that the difference between the official exchange rate and practice in the parallel market is around 13 percent.

On the other hand, the institution said that the international reserves cover seven months of imports and guaranteed that "the rules inherent in the sales of foreign exchange by oil companies will not be changed, expecting common sense from all players in the foreign exchange market".

This month, the BNA will auction $ 400 million, and should do the same in April, according to the minutes of the meeting.

In the document, it is clear that the regulator intends to maintain the exchange rate liberalization recently adopted, despite the forecast of a strong devaluation of the kwanza following the global economic crisis brought about by the new coronavirus pandemic.

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