LUANDA, Nov. 5 — Angola’s reintegration into the international financial system through the approval of U.S. dollar and euro accounts with major Western banks is expected to facilitate trade, promote imports and exports, and boost economic growth, the Angola Press Agency reported Tuesday.
Celso Rosa, chief executive officer of the Port of Lobito, said the recent authorization of dollar accounts, enabled by an agreement between Standard Bank Angola and J.P. Morgan, the largest bank in the United States, marks Angola’s return to the international financial system after being suspended from foreign exchange operations a decade ago.
Banco de Fomento Angola has also received approval to open a euro account with Deutsche Bank of Germany. The development comes as Angola’s financial system remains under scrutiny, with the country still listed on the Financial Action Task Force gray list due to deficiencies in anti-money laundering and compliance mechanisms.
According to Rosa, the initiative will streamline product acquisitions and further promote the country’s economic diversification.
He emphasized that this national financial framework will provide relief and greater efficiency for companies, importers, exporters, and citizens seeking foreign currency for various purposes.
Rosa said that the decision to reintegrate Angola into the global financial system represents recognition of Angolan institutions’ adjustments to best practices and standardization of international norms.
In late 2015, U.S. banks suspended foreign currency operations with Angola following concerns raised by U.S. regulators over compliance failures and suspected money laundering in the country’s financial system. (Xinhua)
