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Banco Nacional De Angola 1 Banco Nacional de Angola Banco Nacional de Angola Avenida 4 de Fevereiro, 151 CP nº 1243 Luanda, República de Angola Fax: + 244 222 390579 Tel: + 244 222 339934/336664 1. History After Angola gained independence in 1975, the banking sector was nationalised and two major Angolan banks, namely Banco de Angola and Banco Commercial de Angola, changed their names to Banco Nacional de Angola (BNA) and Banco Popular de Angola (BPA) respectively. The BNA, according to the Organic Law 69/76, inherited the responsibilities of a central bank, bank of issue and commercial bank, as well as of being the only legal holder of foreign currency and responsible for all foreign transactions. In 1988, the government introduced a programme to transform the socialist centralised economy into a market-oriented economy. These changes also required the transformation of the banking sector, including the restriction of the BNA's role to being solely responsible for monetary policy and acting as issuing bank, banker of the Government and reserve bank. This was achieved by promulgating the new Organic Law 4/91, of 20 April, which transformed the BNA into a central bank. The opening of the economy for a liberal system of market, had induced to the necessity of deep alterations in the functional philosophy of the BNA, on the other hand, and of the economic Management of the country, on the other hand, from there elapsing, a redefinition of the functional and executive attributions of the BNA while Central banking, Bank of issue and exchange authority of the country. In the scope of the reorganization of the banking system, the approval in July of 1997, for the Parliament Assembly of the new Organic Law of the National bank of Angola, - Law n° 6/97, of 11 of July, and the exchange Law - Law n° 5/97, of 11 of July, had allowed that some embarrassments of legal origin were exceeded, being the BNA as Central banking, competed of bigger responsibility and autonomy stops with bigger property leading and executing the monetary and exchange politics in the country. The banking activity in Angola until then conducted by Law n° 5/91, of 20 of April - Law of the Financial Institutions - and, a time that of that date to this part, the Angola 2 Angolan financial system knew a gradual associated structural transformation to the sprouting of new institutions, meeting therefore out of time, advised to the reform of its legal picture in combination with the political and economical alterations in course. It is thus that in 1999, a new Law of the Financial Institutions is promulgating - Law n° 1/99, of 23 of April - that regulates the process of establishment, the exercise of the activity, the supervision and the sanitation of the financial institutions and the financial societies. Law 1/99 attributes to central banking in the chapter of the authorization of constitution of the related institutions and proceeds to the reclassification from the same ones. Dated on 30 September 2008 financial systems activities were segregated in banking and non banking institutions. Law 12/05, established the legal framework for non banking institutions, under regulation and supervision by Capital Market Commission (CMC- Comissão de Mercados de Capitais). Law 13/05, which revoked Law 01/99 dated on 20 of April, established the new framework for banking institutions, under regulation and supervision by Banco Nacional de Angola (BNA). Both Law are dated on 30 September. 2. Relationship with government The independence of the BNA is guaranteed by the Organic Law (4/91), reviewed by the Law 06/97 of July, which established it in the form of a public company owned by the government with administrative and financial autonomy and independence, and states that the BNA is the monetary and foreign exchange authority of the Republic of Angola. However, it states that in realisation of its objectives, the BNA shall respect the economic policy defined by the government; in practice there is co-ordination between the central bank, Ministry of Planning and the Ministry of Finance for the determination of monetary and foreign exchange policies. The President of the Republic appoints the Governor. The Deputy Governor is also appointed by the President of the Republic under the Governors proposal, for a period of five years, in terms of section 1, Act 51 of the Law 6/97. The BNA Board comprises the Governor, the Deputy Governor and three to five General Directors. The Governor and the Deputy Governor are not members of the Cabinet, but they participate in its meetings. The Cabinet on recommendation from the Governor, for a five-year period, appoints General Directors on the Board. They can only be dismissed for a serious reason. The BNA has the Audit Council and the Council of Consultants. The Audit Council comprises of three members, two appointed by the Ministry of Finance and one appointed by BNA staff, for a period of three years. The Council of Consultants is Angola 3 comprised of the Deputy Governor, all ex-Governors, the Audit Council chairperson and four executives with proven banking, financial, planning and economic experience. The BNA has its own budget and decides on its own finances as approved by the Board. According Law 06/97, BNA is responsible for the formulation and execution of monetary and foreign exchange policies. Such policies are made through the annual financial programming and a quarterly re-programming, approved by the Banks Board, in line with the governments economic policy. The Banks main functions are to: - Promote and maintain monetary and financial stability; - act as banker of government; - issue of banknotes and coin; - ensure an efficient payment system; - advise the government on monetary, financial and foreign exchange matters; - act as an intermediary on international monetary government relationships; - act as lender of last resort; - manage international country reserves; and - ensure a sound financial system. The BNA administers the Treasury account (collects tax revenue and effects payments on behalf of government). The Bank advises the Government on formulating the budget in line with the annual financial programme to guarantee co-ordination between the fiscal deficit and central bank credit and international reserves management. The central bank also participates in international negotiations dealing with loan contracting and consequently with debt-servicing arrangements. The BNA also acts as the alternate Governor at financial institutions, namely the International Monetary Fund, the World Bank group and the African Development Bank. The BNA must grant credit to the government up to the amount of the government deficit as approved by the Parliament. In this case, the Treasury Department of the Ministry of Finance issues Treasury bills for the amount required to be financed and remits them to the BNA. According Law 06/97, Additionally the BNA is allowed to extend credit to the government’s current account, up to an amount not exceeding 10 per cent of the Angola 4 governments ordinary revenue collected in the previous year. The credit has to be settled during the same fiscal year. The Bank is state-owned and the Government of Angola is the sole shareholder of the National Bank of Angola. The Organic Law 6/97 states that at least 60 per cent of the BNA s net revenues should go to the government. In terms of development financing, the implementation of financial activities requires, according to the Banks Law 1/99 dated 23 April, legal authorization provided by the BNA on a case-by-case basis. However, for financial institutions with over 20 per cent of non-resident owned equity, such approval is a competence of the Ministry of Finance with the prior approval of the central bank. Law 13/05 dated 30 September which revoked Law 01/99 dated on 20 of April, attributed competence of Council of Minister for authorization for financial institutions with over 20 per cent of non-resident owned equity. 3. Design and conduct of monetary policy 3.1 Main objectives of monetary policy The main objectives of monetary policy in Angola, consistent with the goal of the government’s economic policy, are to achieve stable national currency unit and price stability. 3.2 Instruments of monetary policy The BNA utilises direct as well as indirect monetary instruments. Since 1992 the BNA has used mostly direct instruments, such as credit controls, interest rate ceilings, as direct and indirect instruments such as reserve requirements and a rediscount rate. In the scope of monetary liberalisation, interest rates have been liberalised and the central bank started the issuance of central bank bills (TBC), in June 1999. Its introduction widened the set of instruments for monetary intervention available to the central bank and allowed a gradual reliance in direct instruments of monetary policy. The main instruments of monetary policy are: - Reserve requirements. - Central Bank Bills (TBC) issues for liquidity regulation; - Foreign currency selling for liquidity regulation; - Rediscount rate, which is periodically adjusted in line with inflation developments; - Open market-type operations, not used actually due the context of Central Bank Bills issuing; Angola 5 3.3 Types of refinancing as well as collateral used As lender of last resort, according to the Organic Law 6/97, the BNA may extend credit facilities for no more than three months to financial institutions to cover liquidity shortage problems. Collateral requirements for these loans are the following: - Treasury bills or Bonds; - Central Bank Bills; - Assets that the bank is authorized to buy, sell or transfer; - Other credit bills issued and guaranteed by the State - public issue; and - invoice vouchers, "warrant" and other bills of the same kind. 3.4 The money supply aggregate that plays the main role in monetary policy The M2 aggregate is the most important of the money supply aggregates and its control plays a major role in monetary policy, and is a control variable in monetary programming.
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