National Bank of Angola

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, was created in 1926, but traces its ancestry back to 1865. The National Bank of Angola is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.[1]

National Bank of Angola
Banco Nacional de Angola
Logo
Logo
Logo
Headquarters
HeadquartersLuanda
Coordinates8°48′39″S 13°14′03″E / 8.810730°S 13.234070°ECoordinates: 8°48′39″S 13°14′03″E / 8.810730°S 13.234070°E
Established14 August 1926
OwnershipGovernment of Angola
GovernorJosé de Lima Massano
Central bank ofAngola
CurrencyAngolan kwanza
AOA (ISO 4217)
Preceded byBank of Angola
Websitewww.bna.ao

History

In 1864, the Banco Nacional Ultramarino (BNU) was established in Lisbon, Portugal, as a bank of issue for all Portuguese overseas territories. The next year, it opened branches in several places, including Angola, which at the time was an overseas province of Portugal. In 1926, the Portuguese established a separate issue bank for Angola, creating the Bank of Angola (Banco de Angola). 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 at the time, 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]

In 2018, an even bigger fraud case was announced when the former president's son, José Filomeno dos Santos was charged with transferring US$500 million from an account belonging to the central bank to a bank account in the UK. Authorities in the UK froze this amount as it was a suspicious transaction and the money can now be returned to the central bank. [6][7]

See also

References

  1. ^ "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-02-20. 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)
  6. ^ https://www.bbc.com/news/world-africa-43544327
  7. ^ https://www.cnbc.com/2018/03/27/angola-charges-son-of-ex-president-dos-santos-with-fraud.html

External links

Aguinaldo Jaime

Aguinaldo Jaime (born January 15 1954) is an Angolan political figure and economist. He served as Minister of Finance from June 1990 to April 1992, President of the African Investment Bank (beginning in 1996), and as Central Bank Governor from 1999 to 2002. He was subsequently Deputy Prime Minister. He is also alumnus of London School of Economics.

Angola

Angola ( (listen); Portuguese: [ɐ̃ˈɡɔlɐ]), officially the Republic of Angola (Portuguese: República de Angola; Kikongo, Kimbundu and Umbundu: Repubilika ya Ngola), is a west-coast country of south-central Africa. It is the seventh-largest country in Africa, bordered by Namibia to the south, the Democratic Republic of the Congo to the north, Zambia to the east, and the Atlantic Ocean to the west. Angola has an exclave province, the province of Cabinda that borders the Republic of the Congo and the Democratic Republic of the Congo. The capital and largest city of Angola is Luanda.

Although inhabited since the Paleolithic Era, what is now Angola was molded by Portuguese colonisation. It began with, and was for centuries limited to, coastal settlements and trading posts established starting in the 16th century. In the 19th century, European settlers slowly and hesitantly began to establish themselves in the interior. The Portuguese colony that became Angola did not have its present borders until the early 20th century because of resistance by groups such as the Cuamato, the Kwanyama and the Mbunda.

After a protracted anti-colonial struggle, independence was achieved in 1975 as the Marxist–Leninist People's Republic of Angola, a one-party state supported by the Soviet Union and Cuba. The civil war between the ruling People's Movement for the Liberation of Angola (MPLA) and the insurgent anti-communist National Union for the Total Independence of Angola (UNITA), supported by the United States and South Africa, lasted until 2002. The sovereign state has since become a relatively stable unitary, presidential constitutional republic.

Angola has vast mineral and petroleum reserves, and its economy is among the fastest-growing in the world, especially since the end of the civil war; however, the standard of living remains low for most of the population, and life expectancy in Angola is among the lowest in the world, while infant mortality is among the highest. Angola's economic growth is highly uneven, with most of the nation's wealth concentrated in a disproportionately small sector of the population.Angola is a member state of the United Nations, OPEC, African Union, the Community of Portuguese Language Countries, and the Southern African Development Community. A highly multiethnic country, Angola's 25.8 million people span tribal groups, customs, and traditions. Angolan culture reflects centuries of Portuguese rule, in the predominance of the Portuguese language and of the Catholic Church.

Angolan kwanza

The kwanza (sign: Kz; ISO 4217 code: AOA) is the currency of Angola. Four different currencies using the name kwanza have circulated since 1977.

The currency derives its name from the Kwanza River (Cuanza, Coanza, Quanza).

Avenida 4 de Fevereiro

The Avenida 4 de Fevereiro is an important road artery of the city of Luanda in Angola. Passing along the coast of the Bay of Luanda, in colonial times it was known as Avenida de Paulo Dias de Novais, in honor of the founder of the city in 1576. One of the most prestigious avenues of the city, it contains the buildings of various ministries, utilities, hotels and headquarters of major companies and multinationals in the country, and the Agostinho Neto University and the National Bank of Angola.

Corruption in Angola

The legacy of a 30-year civil war and 20 years of Soviet command economy left Angola in ruins and produced a centralized government with authoritarian tendencies which made possible the ownership of the nation's resources.

Fundo Soberano de Angola

The Fundo Soberano de Angola (FSDEA) is the sovereign wealth fund of Angola. and member of the International Forum of Sovereign Wealth Funds and therefore has signed up to the Santiago Principles on best practice in managing sovereign wealth funds. The FSDEA is meant to play an important role in promoting Angola’s social and economic development and generating wealth for its people. The fund was rated by the SWFI in February 2015 with a ranking of 8 out of 10.

Isabel dos Santos

Isabel dos Santos is an Angolan businesswoman, Africa's richest woman and the eldest child of Angola's former President José Eduardo dos Santos, who ruled the country from 1979 to 2017. In 2013, according to research by Forbes, her net worth had reached more than two billion US dollars, making her Africa’s first billionaire woman. A Forbes magazine article described in 2013 how Isabel dos Santos acquired her wealth by taking stakes in companies doing business in Angola, suggesting that her wealth comes almost entirely from her family's power and connections. In November 2015, the BBC named Isabel dos Santos as one of the 100 most influential women in the world.

José Pedro de Morais

José Pedro de Morais (born 20 December 1955 in Kuito, Bie Province) is an Angolan politician, who served as Minister of Finance from December 2002 to October 2008, replacing Júlio Marcelino Vieira Bessa. In January 2015, he was appointed Governor of the National Bank of Angola.

Maria Celestina Fernandes

Maria Celestina Fernandes (born 12 September 1945) is an Angolan children's author. She has also written poetry and short stories, and had earlier careers as a social worker and lawyer. She has won several awards.

Outline of Angola

The following outline is provided as an overview of and topical guide to Angola:

Angola – country in southern Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city. The exclave province of Cabinda has borders with the Republic of the Congo and the Democratic Republic of the Congo. The country has vast mineral and petroleum reserves, and its economy has on average grown at a two-digit pace since the 1990s, especially since the end of the civil war. In spite of this, standards of living remain low, and life expectancy and infant mortality rates in Angola are among the worst-ranked in the world.

The Great Kilapy

The Great Kilapy (Portuguese: O Grande Kilapy) is a 2012 comedy-drama film directed by Zézé Gamboa. The film was an international co-production between companies in Angola, Brazil and Portugal.

Timeline of Luanda

The following is a timeline of the history of the city of Luanda, Angola.

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