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ANNUAL REPORT and ACCOUNTS 2019 Annual Report Accounts • 2019 ANNUAL REPORT AND ACCOUNTS 2019 Annual Report Accounts • 2019 Publicação do Banco Nacional de Angola (BNA) É permitida a reprodução das matérias, desde que mencionada a fonte: Relatório Anual e Contas do BNA de 2019. Eventuais divergências entre dados e totais ou variações percentuais são provenientes de arredondamentos. Não são citadas as fontes das tabelas e dos gráficos de autoria exclusiva do Banco Nacional de Angola. Banco Nacional de Angola Av. 4 de Fevereiro nº 151 - Luanda - Angola Caixa Postal 1243 Tel.: (+244) 222 679200 www.bna.ao Table of Contents MISSION, VISION AND VALUES OF THE NATIONAL BANK OF ANGOLA 5 Message from the Governor 6 BOARD OF DIRECTORS 9 EXECUTIVE SUMMARY 10 PART I – MACROECONOMIC CONTEXT 12 1. International Economy 13 2. National Economy 16 PART II – ANGOLAN BANKING SYSTEM 23 3. Performance of the Angolan Banking System 24 4. Performance of the Non-Banking Financial System Angolan 28 5. Payment System 33 PART III – CENTRAL BANK POLICIES 37 6. Monetary Policy and Liquidity Management 38 7. Management of International Reserves 44 8. Impactos das Operações de Mercado sobre a Base Monetária e Agregados Monetários 46 9. Monetary Aggregates and the Balance of Payments 48 10. Corporate Governance and Internal Control System 55 PART IV – RELEVANT ACTIVITIES OF THE BNA 56 11. Activities of the National Bank of Angola 57 12. Equity Situation and Financial and Budgetary Performance 61 13. Organization 65 14. Regulation and Organization of the Financial System 69 15. Risk Management and Compliance 71 16. Global Analysis of Product Licensing, Services and Advertising Campaigns 72 17. Prevention of Money Laundering and Terrorist Financing Policy 77 18. Letter of Recommendation and Proposal for Sanctions 78 19. International Relations 79 20. Communication and Currency Museum 80 21. Financial Education 81 22. Information and Credit Risk Center 84 23. Human Capital 85 PARTE V – FINANCIAL STATEMENTS 87 PART VI – Note Appended to the Financial Statements 93 PARTE VII – ANNEXES 171 ANEXO I AUDIT COMMITTEE CERTIFICATION 172 ANEXO II INDEPENDENT AUDITOR’S REPORT 178 PARTE VIII REGULATIONS 185 PARTE IX ABBREVIATIONS 192 MISSION, VISION AND VALUES OF THE NATIONAL BANK OF ANGOLA • 5 MISSION, VISION AND VALUES OF THE NATIONAL BANK OF ANGOLA Mission • The Banco Nacional de Angola (BNA) is the central bank of the Republic of Angola and its primary function is to ensure the preservation of the value of the national currency and to participate in the definition of monetary, financial and exchange rate policies. Vision • Be a credible and competent central bank in the strict fulfilment of its institutional mission. Values The values of the National Bank of Angola are: • Team Spirit - BNA employees work together/united towards a common goal, and share knowledge with loyalty and transparency; • Transparency - BNA employees, in compliance with their obligations, report to the Government and to the Society without adulterating the truth; • Integrity - BNA employees demonstrate their capacity to be incorruptible in the exercise of their duties; • Competence - BNA employees demonstrate the capacity/ability to add value in the resolution of certain issues or tasks that fall within or outside their scope of action; • Attitude - BNA employees demonstrate the ability to adapt and react to changing scenarios. Generate Value for the Society 6 • Annual Report and Accounts • 2019 Message from the Governor The Angolan economy continues to face major macroeconomic challenges with a recession that has lasted since 2016. In this particular environment, 2019 began with the implementation of a macroeconomic adjustment programme agreed between the Angolan authorities and the International Monetary Fund. With the implementation of this programme, which will last until the year 2021, it is expected to achieve the balance in the fiscal and external accounts and, consequently, the necessary macroeconomic stability to promote economic growth. Thus, throughout 2019, with the objective of achieving the goals established within the scope of the referred programme and in the exercise of its main attributions and competences, the National Bank of Angola (BNA) sought to carry out a set of measures, decisions, activities, in an effective, efficient and transparent manner. The main guidelines were taken in the three collegial committees, namely the Monetary Policy Committee (MPC), which had seven meetings, the Financial Stability Committee (COMEF) with four meetings and the Investment Committee (IC) with three meetings. In this path, it should be noted that the process of foreign exchange market liberalisation already started in 2018 continued, with several measures being implemented: i) removal of the 2.00% margin on the reference exchange rate, practiced by commercial banks in the marketing of foreign currency in the interbank market and to their customers; ii) creation of a new type of ceiling for the opening of import letters of credit (CDI); iii) adjustments to the methodology for calculating the reference exchange rate; iv) reduction of the overall exchange position of financial institutions; and v) revocation of Notice N. 7/2014, allowing oil companies to again interact with commercial banks in the sale of foreign currency as from January 2nd, 2020. This gradual easing of the foreign exchange market led to an expected depreciation of the exchange rate, thus converging to an equilibrium that resulted in a sharp reduction in the exchange rate spread and a relative stability of the stock of international reserves. For the first time since 2013, gross international reserves have accumulated. Gross international reserves increased by 6.44% (USD 1.04 million) when compared to USD 16.1 billion at 31 December 2018, reaching USD 17.21 billion at 31 December 2019. In addition, the National Bank of Angola has consolidated its commitment to best practices in terms of corporate governance, transparency and internal control. In fact, the BNA, in collaboration with other national institutions, revised the Act number 34/11 of December 12th - Act on Combating Money Laundering and Terrorist Financing, which was approved at the beginning of 2020. Internally, it created the Corporate Governance Committee and its subcommittees (Risk Management (SGR), Information Technology Governance (SGTI), Human Capital (SCH) and Ethics (SET)). The National Bank continues to work on the process of innovation of the Angolan Payment System. Thus, the direct debit subsystem was implemented as part of the retail systems. It should be noted that actions are underway to implement the Mobile and Instantaneous Transfer Subsystem, which will provide payment services accessible to the non-banked population anywhere in the national territory, which is a very important step in the integral process of banking and financial inclusion. In addition to implementing the Mobile and Instantaneous Transfer Subsystem, the BNA has implemented other measures aimed at inclusion and financial education. Mention should be made of the thematic conferences which are held on a monthly basis with the aim of addressing and sharing issues that can contribute towards greater financial inclusion. On the other hand, we have continued to organise financial education fairs aimed at children and adolescents. With regard to the achievement of a low and stable level of inflation, as enshrined in the Law of the National Bank of Angola, throughout 2019, the CPM monitored the evolution of the economic environment both at a national and international level, on the basis of which it took a number of decisions, including the maintenance of the restrictive course of monetary policy, through a more refined management of liquidity in the system, with recourse to open market operations. Despite an adverse economic environment, economic recession, the introduction of new taxes and tariffs, and the total liberalisation of the exchange rate, which had a significant impact on the depreciation of the national currency, national inflation at the end of the year was 16.90%, lower than in 2018. Message from the Governor of the National Bank of Angola • 7 At the level of the Financial Statements, we managed to substantially reduce the number of reserves of our external auditors from 6 in 2018 to only 1, thus showing an effort and commitment to remedy situations arising from previous years. In 2020, given the current domestic and international economic climate, affected by the impacts of Covid-19, the central bank, with a view to deepening, diversifying and ensuring the stability of the financial system, will spare no effort to create a healthy environment, favourable to the development of banking institutions and their transformation into an engine for the growth of economic activity in Angola. Luanda, May 2020 José de Lima Massano Governor BOARD OF DIRECTORS • 9 BOARD OF DIRECTORS (In the center) Governador José de Lima Massano (To the left of the Governor) Vice-Governor Rui Miguêns de Oliveira (To the right of the Governor) Vice-Governor Manuel António Tiago Dias Row from top left to right Administrator Miguel Bartolomeu Miguel Administrator Pedro Rodrigo Gonçalves de Castro e Silva Administrator Beatriz Ferreira de Andrade dos Santos Administrator Tavares André Cristóvão 10 • Annual Report and Accounts • 2019 EXECUTIVE SUMMARY The year 2019 was quite challenging in economic terms because of the trade tensions between the United States of America (US) and China that have dragged on since 2018, tensions between the US and Europe, as well as the countries
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