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National Bank of Angola

 

National Bank of Angola

National Bank of Angola
Headquarters Av. 4 de Fevereiro 151
Location
Official language Portuguese
Key people Jose de Lima Massano (no)
Affiliations Alliance for Financial Inclusion
Website http://www.bna.ao
Formerly called Banco Nacional Ultramarino

The National Bank of Angola (Portuguese: Banco Nacional de Angola) is the central bank of Angola. It is state-owned and the Government of Angola is the sole shareholder. The bank is based in Luanda and traces its ancestry back to 1865. The Bank of Angola is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.[1]

Contents

  • History 1
  • Financial fraud at BNA 2
  • See also 3
  • References 4
  • External links 5

History

In 1864 the Banco Nacional Ultramarino (BNU) was established in Lisbon, Portugal, as a bank of issue for Portuguese overseas territories. The next year it opened branches in several places, including Portuguese Angola, which at the time was a colonial possession of Portugal. When the Portuguese established a separate bank for Angola, the Bank of Angola (Banco de Angola), in 1926, BNU transferred its branch in Stanleyville to this bank, which in 1934, transferred the branch to Boma, before closing it in 1947.[2]

When Angola gained its independence in 1975, the government nationalized the banking sector. Banco de Angola became Banco Nacional de Angola (BNA); Banco Comercial de Angola became Banco Popular de Angola, and is now Banco de Poupança e Crédito. The BNA continued to function as a central bank, bank of issue and commercial bank. The government also designated it as the only legal holder of foreign currency and delegated to it responsibility for all foreign transactions.

On April 20, 1991, a new law restricted BNA's role to that of a central bank, including being solely responsible for monetary policy and acting as issuing bank, banker of the Government and reserve bank. Beginning in 1999, the Central Bank began implementing reforms to meet international standards.

Bank of Angola is a member of the Alliance for Financial Inclusion and active in the financial inclusion arena.[3]

Financial fraud at BNA

In the largest financial fraud in Angola ever, the Central Bank of Angola was victim of an alleged fraud case of about $160 million that were transferred to overseas accounts in 2009. It was discovered that from the Angolan treasury account at Banco Espírito Santo in London, were leaving several money transfers to bank accounts abroad, controlled by the suspects. When the bill reached the minimum values of the BNA, it was the BES London itself that warned the authorities of Angola for successive outflows of money. The case of fraud was revealed by the Portuguese newspaper Diário de Notícias in June 2011. Several individual are supected to be involved, and several individuals at the Angolan Finance Ministry and the BNA in Luande were sentenced up to eight years in prison in 2011. There are still investigations going on in Portugal and Angola.[4][5]

See also

References

  1. ^ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-17. 
  2. ^ Mambu ma Khenzu, E. 2006. A Modern History of Monetary and Financial Systems of Congo, 1885-1995. (Lewiston, New York: Edwin Mellen), p. 132.
  3. ^ Member list retrieved 21 February 2012
  4. ^ Mendes, Candido (2011-08-02). "Angola Sentences Former Central Bank Officials to Jail for Fraud, RNA Says". Bloomberg. Retrieved 2014-08-03. 
  5. ^ Milhões do Banco de Angola deram a volta ao mundo ("Millions of the Central Bank of Angola on the way round the world") Diário de Notícias, 3 February 2012, page 19 (Portuguese)

External links

  • (Portuguese) Official site
  • "Angola - Banco Nacional de Angola" on economywatch.com
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