Ver Angola

Banking and Insurance

Standard Bank highlights international market optimism about Angolan economic reforms

The executive director of Corporate and Investment Banking at Standard Bank highlighted this Wednesday, in Luanda, the “favorable view” that the international market has on the economic reform policies that are taking place in Angola.


Ricardo Ferreira was speaking to the press this Wednesday as part of a 'roadshow' that Standard Bank is promoting to attract potential non-resident investors interested in understanding the dynamics of the Angolan market.

In this sense, stressed Ricardo Ferreira, the bank has brought to Angola several funds, which already participate in the Eurobonds market and which have expressed an interest in participating in the local debt market, due to the stability of the exchange rate.

"And we are going to have several meetings with important stakeholders, such as the central bank, we had yesterday, with Bodiva [Angola's Securities Exchange], with the International Monetary Fund, and we also had, to demonstrate the independence of the visit, with another relevant bank in the Angolan market, to have a different vision than Standard Bank, I think it demonstrates our transparency in the way we approach these issues", he said.

According to Ricardo Ferreira, one of the interested funds manages more than a billion dollars and several others manage more than 20, 30 billion dollars of assets, which "can clearly make a difference, from the point of view of participation in the financial sector , not only international debt, but, in the long term, at the local level".

The official underlined that recently Standard Bank carried out a transaction with a non-resident investor, to participate in local debt, the first case of others that may happen.

"We are focused on being considered a gateway for investors in Angola, not only from the financial sector, but also from the real economy. We still have to do these 'roadshows', which were temporarily stopped due to the pandemic", referred.

"We did one in 2019 and now this one, as soon as the opportunity began to show what can be considered major macroeconomic reforms that have been taking place, that were put into effect by the Angolan executive, with the support of the IMF and that have had general acceptance, a very positive evolution", he stressed.

According to Ricardo Ferreira, "the liberalization of the exchange rate regime is something that in 2019 was considered, perhaps, ambitious and not possible to implement, and today it is in force and, therefore, it is considered to be a mechanism that is having its impact".

"And this, obviously, has an effect of curiosity at the level of the international investment community that already participates in Eurobonds and that Angola was successful in issuing Eurobonds recently, at a time when there was some stress in the market", he stressed.

For this Wednesday, the calendar of activities reserves meetings at the Public Debt Management Unit, of the Ministry of Finance, at the Institute for Management of State Assets and Shares (IGAPE), Sonangol, at the Private Investment and Export Promotion Agency. (AIPEX) and Catholic University of Angola.


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