The FXGO electronic platform, contracted to Bloomberg, allows real-time trading between foreign currency sellers and buyers, with exchange rates freely negotiated between the parties, allowing the party that initiates the purchase or sale of foreign currency to have access offers from several counterparts at the same time and choose the best one.
Banco Nacional de Angola (BNA) decided that the first entities to negotiate its operations through this platform would be commercial banks in its interbank operations and companies in the oil and gas sector in foreign currency sales.
In this sense, since March 30, 23 national banks and eight companies in the oil and gas sector with activity in Angola have joined the FXGO.
Soon, the BNA intends to continue the process and publish regulations so that companies active in the diamond sector can also negotiate their foreign exchange operations through that platform.
It is also intended that large companies with foreign currency purchase needs, such as, for example, air navigation companies, start to access the FXGO platform to negotiate their foreign exchange operations, adds the regulator.
The National Treasury is also in the process of joining the platform, allowing its foreign currency sales to also be negotiated directly with commercial banks through that platform.
The platform publishes market exchange rates updated in real time, based on transactions carried out through the system and other relevant information collected.
Access to the platform depends on the subscription of the service with Bloomberg and is restricted to entities authorized by the BNA to negotiate currency pair exchange operations that include the kwanza.
"Once the above mentioned entities have joined the FXGO platform, the conditions will be met for the National Bank of Angola to stop conducting foreign currency sales auctions, intervening only in the foreign exchange market through said platform, buying or selling foreign currency, according to the In this case, for the purpose of strengthening or reducing international reserves or adjusting the exchange rate ", advances the central bank.
