Angola's central bank to amend financial system regulation according to international standards

May 27, 2016

It is planning to create a new department to predict systemic risks.

The Bank of Angola (BNA) is planning to create a new department to predict systemic risks in a bid to protect the banking system and prevent financial crises.

A source at the BNA told AngolaPress on Tuesday (May 24th) that the institution is committed to adapting the Angolan financial system to prudential standards and good international financial practices.

It said that the current dynamics underway in the Angolan and world financial system requires urgent creation of a body to permanently examine all situations, measures, operations and financial products.

Despite a difficult economic environment, the Angolan banking sector continued to grow in recent years, with combined assets increasing by 7.3 per cent between 2013 and 2014, according to figures from KPMG.

In addition, the number of bank branches increased by 6.7 per cent, with an average of eight new branches a month.

The rate of access to banking services reached 47 per cent in 2014, up from 30 per cent in late 2013 and 23 per cent in 2012.ADNFCR-2976-ID-801819253-ADNFCR