Ver Angola

Banking and Insurance

Banks received more than 3000 requests for suspension of credit

The banks received 3167 requests for a moratorium on credit, to the value of 32.68 billion kwanzas, as part of the flexibility decreed by the Banco Nacional de Angola (BNA) due to covid-19.

: Reuters

The data are contained in a communiqué released this Tuesday following a meeting of the Monetary Policy Committee of the BNA to analyse the recent behaviour of the main economic indicators, in an environment still negatively affected by covid-19.

According to the BNA, the commercial banks received 3167 requests to the value of 32.68 billion kwanzas, of which 2751 (87 per cent) were approved and 125 are in the process of being evaluated.

Of the requests approved, 280 were made by companies and 2471 by private individuals, with values corresponding to 31.35 billion kwanzas and 1.32 billion kwanzas.

A total of 291 requests were rejected, of which 32 from the business sector and 259 from private clients, for the following reasons: credit operations with a specific regime; civil servants or public companies for which a reduction in income is not expected; and credit operations in an irregular situation.

The easing of deadlines for the fulfilment of credit obligations was adopted on 30 March in BNA's Instruction no. 04/2020, after the state of emergency had been declared.

Clients interested in the 60-day moratorium were obliged to have credit operations in a regular situation, accompanying the request with the financial institutions with the demonstration of the economic impacts suffered.

During this period, the banks were prohibited from charging charges, interest or commissions additional to the cost of the obligations initially undertaken and from making any increase in future instalments, increasing only the number of instalments.

Another stimulus measure adopted by the BNA, the provision of a liquidity line for the purchase of debt from companies to the value of 100 billion kwanzas, covered 80 companies, and public securities were purchased for the overall value of the line.

The next ordinary meeting of the Monetary Policy Committee of the National Bank of Angola takes place on 28 September 2020.

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