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Wed, 30 Jan 2019 11:26 - Updated Thu, 31 Jan 2019 08:49

Commercial banks' assets quality gets assessment in April

Luanda - The National Bank of Angola (BNA) is to assess the quality of the assets of the commercial banks as from April this year, with a view to learning about the financial health of these institutions, said on Tuesday in Luanda the BNA governor, José de Lima Massano.

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Massano Júnior, Governor of the Angolan Central Bank (BNA).

Photo: Antonio Escrivao

The move is part of the recommendations of the International Monetary Fund (IMF), under the agreement signed with the Angolan government, which also entails assessment of the credits granted by commercial banks, in order to have a real picture of the country’s banking sector.

   

The bank official said so while addressing a lecture on “Supportive Measures to Increase Domestic Production” aimed for journalists.

  

Meanwhile, in the beginning of January, the BNA governor said that from these measures there could come up the need to adjust and bolster the capital of some banking institutions or eventually to adopt other options, such as to resort to the merger of some of them without ruling out the possibility to shut down some banks.

The measure is in line with BNA’s norms of prudency, whose aim is to avoid an eventual systematic risk and secure the stability of the Angolan financial system.

According to the official, BNA will also seek to integrate other specialized financial institutions to aid the institutions to manage bad loans, currently estimated at 31 percent.

The governor added that the Angolan Central Bank (BNA) will provide aid for the mobilization of resources to assist the Programme for Support to Domestic Production, Diversification of Exports and Replacement of Imports (PRODESI).

In the meantime, said the BNA governor, to help boost domestic output the Central Bank increased the levels of liquidity of the national currency in the market, whose measures enabled to reduce the inflation rate to 18 percent in Luanda in 2018.

José de Lima Massano underscored that in January the BNA decided to drop the interest rate from 16, 5% to 15,75% to facilitate credit to economy.

Tags Banco  

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