banks
banks

Angolan commercial banks purchased 277.7 million U.S. dollars and 95,000 euros from oil and gas firms in January, after the country’s central bank, BNA, abandoned intermediation for the acquisition of foreign currencies, the BNA said on Friday.

The 277.7 million U.S. dollars purchased by commercial banks adds to the 813.6 million U.S. dollars made available to the banks by the central bank in the same period, making an overall 1.09 billion U.S. dollars for monetary transactions.

Business24

The measure for oil companies to directly sell foreign currency to commercial banks was adopted on Nov. 29, 2019, by the central bank’s Monetary Policy Committee.

The BNA said the move is expected to normalize the foreign exchange market through the reduction of its direct intervention with oil firms, increase the number of foreign currency suppliers, and revive the country’s foreign exchange market. Enditem

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