News Column

BNA Role in Appreciation of Currency Highlighted

June 27, 2014



The Angola Reserve Bank (BNA) is playing a good role in the appreciation of the national currency (Kwanza) against the US Dollar.

This was said Thursday in northern Cabinda province by the CEO of the privately-owned BIC bank, Fernando Teles.

Speaking to Angop, Fernando Teles said that the de-dolarisation that is being gradually noted is normal, because people must get used to the currency.

He stressed that BIC already buys kwanzas to resell in Portugal and soon will do it in Brazil and Namibia.

To him, the de-dolarisation is normal as in other countries the US Dollar is used especially by those travelling abroad, rather than for internal transactions.

The BIC manager recalled that during 20 years, Angola was a country that lived on the two currencies and will not do away with the dollar overnight.

"The Angolan State is not interested in that, the Central Bank wants people to gradually trust in kwanza as a way of solving their problems and this will enhance the kwanza against the US Dollar. We think that the Central Bank is doing a great job. The banks work with all credibility, " he noted.

He stated that the banking sector has to start informing the customers that the payments must be done in kwanzas, stressing that the currency circulating in the country must be the kwanza.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters