According to the person responsible, the topic of economic diversification and financial markets, being discussed at a forum in Luanda, is not a new approach, but it remains current and presents challenges.
"Despite the progress made, there remains a long way to go", stated the BNA governor, highlighting that dependence on the oil sector makes the economy "vulnerable" to fluctuations in the price of oil on international markets.
"The latest crises in this sector have clearly demonstrated that economic diversification is the way forward to build a balanced and sustainable economy," he noted.
Speaking this Tuesday at the opening of the XII Economy and Finance Forum: Economic Diversification and Financial Markets, Manuel Tiago Dias considered that economic diversification involves leveraging other sectors of activity that lack financing.
For the BNA manager "it is indisputable that a robust financial sector, with solid banks, adequate financial regulation and access to financing for small and medium-sized companies are allies in the successful implementation of the diversification process".
He signaled that the BNA is not oblivious to the process of economic diversification in Angola "since, without a doubt, this change of paradigm will have a positive impact on monetary and exchange rate policy and, consequently, on the prices of goods and services".
In this forum promoted by the Angolan Banks Association (ABANC), as part of its 25th anniversary, the governor of the Angolan central bank highlighted that the institution has sought to support different programs that aim to boost the diversification of the economy.
He highlighted notice no. 10/23 of April 6, as an instrument that has had a significant impact on credit to the economy, noting that since its implementation until last October, more than 1 billion kwanzas.
He argued that the aforementioned amount made available corresponds to 16,36 percent of the global bank credit portfolio and 78 percent of the credit portfolio allocated to the real sector of the economy, with emphasis on the manufacturing industry sectors, especially agriculture, animal production, hunting, forestry and fishing.
"The data available to date indicate that within the scope of these notices, more than 46,000 jobs were created and in terms of scope of financed activities, they have already been allocated to 17 provinces", he assured.
Manuel Tiago Dias also spoke of "efforts" that the BNA has made to create a payments ecosystem conducive to innovation and competition, from the Payment System Innovation System Laboratory in Angola, within the scope of financial inclusion.
He noted, however, that the representation of the informal sector, low levels of literacy and financial inclusion "constitute major challenges for economic diversification and development of the national financial system".
"Despite the programs already carried out, we recognize that there is a long way to go to achieve levels of depth in the financial system, economic diversification and sustained growth, which is why the Coordination Committee of the National Financial Inclusion Strategy was created", concluded the BNA governor.