ANGOLA-SOUTH AFRICA TO SIGN DEAL ON TECHNICAL ASSISTANCE

The central banks of Angola and South Africa are to sign a cooperation agreement in the areas of technical assistance, banking supervision and financial inclusion.

According to the Banco Nacional de Angola’s website the deal is to be signed within the framework of the bilateral relations existing between both institutions.

In order to sign the agreement, BNA governor, Valter Filipe, left on Thursday for South Africa on an official visit during which he is expected to meet with his local counterpart, Lesetja Kganyago.

According to the source, the agreements will cover the areas of exchange control, information technology, monetary and exchange policy and management of international net reserves.

The visit is part of the effort to have existing relations between the two central banks reinforced and will enable Angola to share the actions BNA and the country’s commercial banks system are carrying out to get adjusted to the prudential norms and good international practices, the source adds.

According to the site, adjusting the Angolan financial system to good international practices follows the recommendations from the Basel II and III and the International Financial Action Group.

The meeting between Valter Filipe and Lesetja Kganyago is also an opportunity for the Angolan and South African commercial banks to improve their relations on trade finance, project finance and correspondent banking, the source reads.

Source: NAM NEWS NETWORK.