International banks want operate in Angolan market

International banks have voiced, in Washington, United States, their intention to operate in the Angolan banking market.

The intention was announced Tuesday by investors to the governor of the National Bank of Angola (BNA) José de Lima Massano, and the ministers for Finance, and Economy and Planning Vera Daves de Sousa and Mário Caetano João, respectively.

The officials are taking part in the spring meetings of the World Bank and the International Monetary Fund (IMF), which is running until 16 April, 2023.

According to a note from the Finance Ministry reached ANGOP, the governor of the BNA said that there was room for more international banks to operate in Angola.

He pointed to opportunities such as the economic diversification agenda that provides financial institutions in their relationship with the private sector, as well as the fact that financial inclusion is only around 50 percent of the population.

Speaking at the question and answer session, during the round table on Angola’s Economic Growth Potential, organised by the United States Chamber of Commerce, José de Lima Massano outlined the measures taken recently, which are making it possible to stabilise the financial system, control inflation, the operating system and exchange rate management.

On the exchange rate, he highlighted the Bloomberg platform, where banks, oil operators, diamond companies and insurance companies operate.

According to the governor of the Central Bank, the use of the platform made the system flexible, transparent and opera based on the conditions of the foreign exchange market.

At the event, José de Lima Massano floated the possibility of companies that make money transfers entering the Bloomberg platform.

Massano said it was necessary for these companies to spread their presence across the other provinces, thus avoiding concentration only in Luanda.

In terms of the principles of banking supervision, the BNA governor said that Angola had adopted the rules of the European Central Bank, which had played the role of regulator and supervisor of the system, now supported by the independence determined by the constitutional review of 2021, and noted the measures adopted to safeguard stability and avoid contagion and risks to the financial system.

Massano also highlighted the work that has been done with the Savings and Credit Bank (BPC) and the Economic Bank (BE) to control systemic risks.

On her turn, Minister of Finance, Vera Daves, addressed the macro-fiscal framework, highlighting the measures adopted to control public debt, the financing needs present in the General State Budget for 2023, as well as the prospects for launching ESG bonds (environmental, social and governance bonds) on the international financial market.

The Minister of Economy and Planning, Mário Caetano, highlighted the reforms of the political-institutional framework with the measures adopted, in the last five years, related to the fight against corruption as well as the ongoing reforms to improve the business environment.

Caetano also spoke of the pillars of the new National Development Plan (PDN), such as investment in human capital, infrastructure and economic diversification, areas in which the involvement of the local and foreign private sector is expected.

The event was attended by representatives of companies from different sectors participated in the meeting.

Source: Angola Press News Agency