The National Bank of Angola (BNA) announced Thursday that new corporate governance rules will be in place in 2020 as part of the revision of its organic law counting on the support of the International Monetary Fund.
According to BNA governor Jose Massano, the ongoing revision of the institution’s organic law emerged to modernize the document on corporate governance in line with international best practices.
Massano underlined that in light of the revision of the legal diploma, some current rules of corporate governance, such as voluntary adherence, will become mandatory.
The central bank governor was speaking at the end of a conference on corporate governance in the banking sector on the World Savings Day, marked on Oct. 31.
The changes to the law are intended to have more independent managers in the governance structure of commercial banks to give the regulator, supervisor and society more confidence according to the official.
Regarding the World Savings Day, the governor of the Angolan central bank said that the Angolan population ‘s access to banking services “are still relatively low,” around 30 percent. It aims to reach 50 percent by 2022.
The southern African nation faces an economic and financial crisis since mid-2014 due to the fall of oil price in the international market.
The National Bank of Angola’s Monetary Policy Committee adopted measures to counter depreciation of its currency on Oct. 23. Enditem