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Banking sector: the Angolan central bank asks banks to increase liquidity in foreign currencies

26/09/2024
Source : ORISHAS-FINANCE
Categories: Sectors

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The Angolan central bank has asked commercial lenders to release 30% of foreign currency. This will improve ns le but the dynamics of the foreign exchange market and remedy the depreciation of the kwanza, which has become one of the worst performing currencies in Africa

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The Angolan central bank plans to improve access to foreign currency for businesses and individuals in Angola, in line with measures taken by other African countries. According to the directive, banks must either trade currencies on the interbank market, or sell them directly to LaBanco Nacional de Angola style="font-family: "Bookman Old Style”, "serif"> if the market is not available. Angola's decision to boost foreign currency liquidity by requiring banks to negotiate part of their acquisitions in foreign currencies aims to stabilize the kwanza

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