Angolan minister of State for Economic Coordination Manuel Nunes Júnior said Friday that Angola made very important “progress” over the last five years, which contributed to the achievement of macroeconomic balance and improvements in the functioning of the financial system, mainly in the foreign exchange market.

The gains recorded, in various fields, according to Nunes Junior, are already starting to have positive effects on the real economy, such as the production of goods and services.

The progress become evident when the country recovered, in 2021, from the economic recession, in which it was “plunged” for five years.

One of the important steps taken, according to Nunes Júnior who was speaking at the opening of the 56th Meeting of the Committee of Governors of Central Banks (CCBG) of SADC, was the decision taken by the Executive to ensure the autonomy and independence of the National Bank of Angola.

The move is part of the specific revision process of the Constitutional Law that took place in 2021.

According to Nunes Júnior, Angola now has an independent Central Bank, whose main mission is to preserve the national currency, thus being the country’s monetary, exchange rate and macro prudential and resolution authority.

As for the improvements, the minister praised the role that Central Banks play in the countries’ economy, being the vehicles of great importance in the adoption of monetary policies and other specific activities.

Therefore, he defended a safe and efficient banking system, so that the countries’ economies develop in a sustainable and prosperous way.

To the official, the topics at this meeting will strengthen the regional economic situation, which appears to be essential for the development of countries in the region.

The meeting is discussing and analysing the issues of repatriation of banknotes and metallic coins, impact of exchange controls on cross-border flows of goods, services and capital, as well as the exchange in staff training.

Created in 1995, the Committee of Governors of Central Banks of SADC is a specialised structure in the promotion of close cooperation among the Central Banks of Southern Africa.

In addition to Angola, SADC comprises Botswana, Lesotho, Namibia, South Africa, Zimbabwe, Mozambique, Madagascar, Malawi, Mauritius, Tanzania, Zambia, Seychelles, Democratic Republic of Congo (DRC) and Swaziland

Source: Angola Press News Agency (APNA)