Central Bank of Angola
Encyclopedia
The National Bank of 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.
(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 , in 1926, BNU transferred its branch in Stanleyville to this bank, which in 1934, transferred the branch to Boma
, before closing it in 1947.
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.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central 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...
. It is state-owned and the Government of Angola is the sole shareholder. The bank is based in Luanda
Luanda
Luanda, formerly named São Paulo da Assunção de Loanda, is the capital and largest city of Angola. Located on Angola's coast with the Atlantic Ocean, Luanda is both Angola's chief seaport and its administrative center. It has a population of at least 5 million...
and traces its ancestry back to 1865.
History
In 1864 the Banco Nacional UltramarinoBanco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in...
(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
Portuguese Empire
The Portuguese Empire , also known as the Portuguese Overseas Empire or the Portuguese Colonial Empire , was the first global empire in history...
of Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
. When the Portuguese established a separate bank for Angola, the Bank of Angola , in 1926, BNU transferred its branch in Stanleyville to this bank, which in 1934, transferred the branch to Boma
Boma
The port town of Boma in Bas-Congo province was the capital city of the Congo Free State and Belgian Congo from 1 May 1886 to 1926, when it was moved to Léopoldville . It exports tropical timber, bananas, cacao, and palm products...
, before closing it in 1947.
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
Banco de Poupança e Crédito
Banco de Poupança e Crédito is a government-owned, full service bank in Angola. With some 68 branches, including one in Cabinda, it has the largest branch network in the country.-History:...
. 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
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, 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.
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of AfricaEconomy of AfricaThe economy of Africa consists of the trade, industry, and resources of the people of Africa. , approximately 922 million people were living in 54 different countries. Africa is by far the world's poorest inhabited continent...
- List of central banks