Ver Angola

Banking and Insurance

Parliament unanimously approves law that grants autonomy to the BNA

The parliament on Wednesday unanimously approved in its entirety the draft law of the National Bank of Angola (BNA), an instrument that confers "functional, administrative and patrimonial independence", ensures the "autonomy and reduces the influence of the executive" in the institution.

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The proposed initiative of the Executive passed the sieve of the deputies this Wednesday with 173 votes in favor, no votes against and no abstentions during the 12th extraordinary plenary meeting of the fourth legislature of the National Assembly.

According to deputy João Guerra Freitas, who presented the joint opinion report, the BNA bill, which includes 110 articles, will give "institutional, functional, administrative, financial and patrimonial independence to the body.

The law provides for "the adaptation of a set of legal instruments, in particular the law of the BNA, to ensure the autonomy of the central bank in the context of its constitutional mission to ensure price stability and preservation of the value of the national currency as monetary authority," said the deputy.

The diploma now approved determines that the governor of the BNA is appointed by the President of the Republic, in the light of the constitutional revision law, and that he or she will perform his or her duties for six-year periods, and that the mandate may be renewed once for an equal period.

The BNA, explained João Guerra Freitas, is subject to the concomitant and successive supervision of the Court of Auditors and, within the scope of its attributions, to the registration of the tax and social security services.

The National Union for Total Independence of Angola (UNITA) justified its vote in favor of the BNA law because it gives the central bank "autonomous status, in accordance with international recommendations and practices.

The objective of the law is to "start defining monetary and exchange rate policies, so that it can also carry out and conduct an effective management of these policies, with autonomy of responsibility and transparency", said Amílcar Colela, UNITA's deputy, in his explanation of vote.

Ruth Mendes, MP for the Popular Movement for the Liberation of Angola (MPLA), considered that the law "will confer institutional, functional, administrative, financial and patrimonial independence to the BNA aiming at ensuring its necessary autonomy.

"We voted in favour because this law will limit the Executive's influence over the BNA's strategic decisions in several areas, namely monetary policy," added the MPLA deputy.

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