Precioso Domingos spoke, this Tuesday, in a debate on economic diversification, promoted by the Catholic University of Angola (UCAN), where the deputy director of the International Monetary Fund (IMF), Antoinette Sayeh, also participated.
"Our financial system is still in its infancy, both in terms of the deposit ratio and the type of banks and their functioning, they live on warnings from the central bank, they are a kind of branches of the central bank [BNA]", criticized the economist and consultant.
"Banking is not mature and has basic problems, [because] it is managed by the central bank," he added.
Precioso Domingos also established a relationship between economic diversification, the executive's flag to overcome the strong dependence on the oil sector, and respect for property rights.
"Whoever puts money in these banks is not respected on the basis of property rights (...), a financial sector that behaves like this violates customer rights and generates centrifugal force effects because it expels capital abroad", he highlighted, giving as an example the BNA's warnings about the movement of currency or kwanzas in bank accounts.
The economist highlighted that "people take their capital to other places where their assets are safe" and there are rules respecting property rights.
"And in this context I don't see the Angolan economy diversifying", he highlighted, noting that it is "private investments that will allow the economy to diversify".
In this Tuesday's debate, the head of the IMF highlighted the efforts of the Angolan authorities towards macroeconomic stability, but also said that diversification "does not happen overnight", while economist Alves da Rocha argued that, in addition to the economic vision, it is necessary to integrate anthropological and sociological aspects in this analysis.
