ANGOLAN CENTRAL BANK SANCTIONS SEVEN COMMERCIAL BANKS FOR FOREX RUKLES BREACHES

The National Reserve Bank of Angola (BNA) has sanctioned Tseven commercial banks — Angolan Investment Bank (BAI), Millennium Atlantic Bank (BMA), Trade and Industry Bank (BCI), Caixa Geral de Angola Bank, Keve Bank, Sol Bank and Standard Bank of Angola — for breach of exchange rules.

According to a media statement issued by the central bank here Tuesday, the rules violated by these banks concerned the mandatory reporting obligations on their foreign exchange operations run with foreign funds obtained from the BNA, as provided for under a directive issued by the BNA this year.

The statement added that as the supervisory bank and the foreign exchange authority, the National Reserve Bank of Angola will continue to carry out continuous monitoring of the implementation of foreign exchange resources acquired by banking and financial institutions and apply the appropriate sanction measures whenever situations arise from non-compliance with laws and regulations in force and the specific instructions of the central bank.

Similarly, the BNA will continue to make the best programming from the sale of foreign exchange to all sectors of the economy, which should, therefore, require all managers of banking and financial institutions to observe strict compliance with the standards to the ultimate purpose of common good and prosperity.

Source: Nam News Network