BPC calls for new banking legislation in Angola

Oct 18, 2012

Angola's Savings and Credit Bank (BPC) has called for certain regulations regarding the banking industry to be updated.

Angola's Savings and Credit Bank (BPC) has called for certain regulations regarding the banking industry to be updated.

According to Paixao Junior, chief executive of the organisation, the law regarding the relationship between the country's National Reserve Bank and commercial organisations needs to be improved.

Speaking to Angop, he said efforts to refine the rules will get underway now that the new legislative year has commenced.

Mr Junior stated that making sure "internal activity" better meets the needs of the Angolan population will be a particular priority this year, along with "saving more foreign currencies".

This, he said, would help to ensure that "a great part of the resources stay in the country and that the Angolans participate in the country's development".

Mr Junior added that the compulsory deposits paid by commercial banks to the National Reserve Bank are necessary if they wish to get the resources they require and be able to offer credit to customers.

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