Financial Stability Council to facilitate coordination of supervisory bodies

Luanda – The National Council for Financial Stability (CNEF), which met for the first time on January 20, in Luanda, will facilitate the coordination among the different supervisory bodies, said Thursday in Luanda the Finance minister, Archer Mangueira.

Manifesting his expectation about the added value that this body can bring, Archer Mangueira considers that the CNEF inaugurates a channel set up to implement mechanisms to promote financial stability and prevent systematic crises in the Angolan financial market.

One of CNEF’s structuring initiatives for the current year is to take measures to attract international support, in particular the rehabilitation of relations with the corresponding international banks, the restoration of the image of the financial system and the sustainability of the insurance and reinsurance market, stressed Archer Mangueira.

The minister was speaking at the closing ceremony of the 5th Annual Meeting of the Capital Market Commission (CMC), held on 01 – 02 February, in Luanda.

According to the minister, the articulation that now becomes possible among all the regulators of the financial system is a necessary condition for the promotion of financial literacy that envisions financial inclusion, which is a fundamental instrument for creating and generalizing savings and investment habits.

The National Council for Financial Stability (CNEF), which is coordinated by Finance minister Archer Mangueira, has already spoken about the state of the financial system in 2016 and the outlook and structuring initiatives for 2017.

At its first meeting, held on January 20 of this year, in which its executive secretary, the lawyer Gilberto Luther, was appointed, the CNEF defended the need for adjusting to the international procedures, with a view to re-establishing the relationship with the corresponding banks.

However, the National Reserve Bank of Angola (BNA) has been making contacts with financial regulation institutions in European countries and the United States of America (USA).

Source: Angola Press News Agency