Ver Angola

Banking and Insurance

Companies most affected by the pandemic will have another half year to normalize bank credit

The governor of the National Bank of Angola (BNA), José de Lima Massano, revealed that companies linked to the sectors most affected by the covid-19 pandemic will have another half year to normalize their credit commitments.

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José de Lima Massano, who was speaking at the end of the economic commission of the Council of Ministers, said that a new BNA instructive was appreciated and approved, which should be published in the coming days.

The official highlighted as the most affected sectors those of transport, tourism, culture, sports and education.

As an example, the governor of the central bank indicated that since the beginning of the covid-19 pandemic, in March 2020, to date, the transport sector has seen the irregularity of its credits rise from nine to 21 percent.

He also highlighted that there has been a marked registration of non-performing loans in the tourism, restaurant and hotel sector. In this case, "non-performing loans went from 26 percent to nearly 42 percent," he said.

"Thus, the transport, culture, sports, and education sectors will be able to negotiate moratoriums of up to six months with the commercial banks in order to fulfill their responsibilities," explained José de Lima Massano.

The responsible clarified that the moratorium will allow these operations that will be "restructured, to no longer weigh for prudential purposes in what concerns the constitution of provisions or impairments".