Angolan financial system deemed weak – BNA governor

Luanda – The Governor of the National Reserve Bank of Angola (BNA), Valter Filipe da Silva acknowledged on Tuesday in Luanda that the Angolan financial system has weaknesses that create difficulties in relation with international correspondent banks.

The governor, who was speaking about the Angolan financial and foreign exchange situation in the programme “A Grande Entrevista” of the Angolan Public Television (TPA), pointed out as one of weaknesses the informal markets of Luanda define the price of foreign exchange as the US dollar.

The high flow of the informal economy in the economy, with a strong impact on the financial system, and the large use of banknotes in trade are also part of weaknesses.

On the other hand, the international partners of the Central Bank, according to the governor, require the autonomous and strong financial information unit, to effectively the fight against money laundering.

According to Valter Filipe, these are some of the demands that international banks have asked the Angolan Central Bank, which is why Angola went to the United States and Europe to request technical assistance to improve supervisory mechanisms at all levels.

Source: Angola Press News Agency