Banks to be able to buy foreign currency directly from oil companies

Banks to be able to buy foreign currency directly from oil companies

The Governor of the National Bank of Angola said that the second stage of the new operational framework for the foreign exchange market will increase the number of foreign currency suppliers.

"This process will be implemented gradually. Initially we will have non-oil exporters, until September 2018, and subsequently we will have the re-entry of oil operators." Regarding the calculation of exchange rates, the Central Bank Governor, who was speaking at the closing session of the Banking SectorForum held by Jornal Expansão, said that the measure is intended to capture daily currency trade movements occurring in the market so that BNA auctions are no longer the only option available for currency exchange.

"The adjustment of the foreign exchange market is part of a package of structural reforms, and its relevance lies in the fact that we are an open economy which is still very dependent on external factors," said José de Lima Massano. According to the Governor, the new exchange rate regime is not the panacea for all the problems affecting the country's economy.

Source: O País

Premium