In a note published on its website, the BNA explains that the auction will be "open to the participation of all commercial banks, under the same conditions applicable to current foreign currency auctions".
With the inclusion of forward auctions, the central bank intends to "confer greater predictability on the foreign exchange market and contribute to the informed evolution of the exchange rate".
The communiqué also states that this type of auction "establishes the practice of forming and using future exchange rates and establishes a futures exchange market in the Angolan financial system".
The forward auction will allow commercial banks to have "better conditions to negotiate forward sales to their clients, thus transmitting greater security to the market in terms of the availability of foreign currency as well as the applicable exchange rate, thus serving to mitigate exchange risk in foreign exchange transactions, particularly in foreign trade operations," the bank adds.
Between January and September, the BNA sold commercial banks 3.3 billion dollars, about half the amount recorded in the same period, returning to historic lows.
Last year, the BNA sold a total of 8.3 billion dollars in foreign currency, the worst record since 2009, when 10.6 billion dollars was made available to the market, according to the consolidated foreign currency sales map.
