National Bank of Angola

National Bank of Angola
Predecessor	Angola branch of Banco Nacional Ultramarino
Formation	1926 (Bank of Angola)
Headquarters	Av. 4 de Fevereiro 151
Location	Luanda, Angola
Official language	Portuguese
Key people	Valter Filipe
Affiliations	Alliance for Financial Inclusion
Website	http://www.bna.ao
Formerly called	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]

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, 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]

References

↑ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-17.
↑ Mambu ma Khenzu, E. 2006. A Modern History of Monetary and Financial Systems of Congo, 1885-1995. (Lewiston, New York: Edwin Mellen), p. 132.
↑ Member list retrieved 21 February 2012
↑ Mendes, Candido (2011-08-02). "Angola Sentences Former Central Bank Officials to Jail for Fraud, RNA Says". Bloomberg. Retrieved 2014-08-03.
↑ 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

Official website (Portuguese)

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Economy of Angola

Currency: Angolan kwanza

Banking	Banking Banco Nacional de Angola Banco Angolano de Investimentos Banco Angolano de Negócios e Comércio Banco BAI Microfinanças Banco BIC Banco Caixa Geral Totta de Angola Banco Comercial Angolano Banco de Comércio e Indústria Banco Comercial do Huambo Banco de Comércio e Indústria Banco de Desenvolvimento de Angola Banco Económico (Angola) Banco de Fomento Angola Banco de Investimento Rural Banco Kwanza Invest Banco Millenium Angola Banco de Negócios Internacional Banco Privado Atlântico Banco Valor Banco de Poupança e Crédito Banco Regional do Keve Banco Sol Standard Chartered Bank Banco VTB África Finibanco Angola Standard Bank

Communications	Airports Communications Companies History of Trade Trade unions Transportation

Industries:	Agriculture Coffee Energy Fishing Mining Petroleum Tourism

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National Bank of Angola

History

Financial fraud at BNA

See also

References

External links