13 June 2009
Luanda — The economist Alberto Rosa Friday in Luanda said that he believes that the measures adopted by the government will convey the necessary confidence, so that the commercial banks resume the granting of credit to companies and individuals.
"The resumption of credit could be facilitated not by its volume, but through its mechanisms, exactly by the confidence that the state conveys to the market", explained Alberto Rosa to ANGOP, while explaining the difficulties in granting credit being faced by the national banking institutions.
Some banks have suspended, about a month and a half ago, the grant of credit due to the measures adopted by the Angola reserve Bank (BNA), centred on the increase of mandatory reserves from 20% to 30 percent and the rediscount rate of 20% to 25 percent.
To relieve the market pressure, the authorities said that the national banking sector can now complete these reserves with Treasury Bonds and other. This means 20 percent in mandatory reserves and 10 percent in bonds.
The Angolan economist recognises that the downturn in the global economy brought about difficulties in granting money by the financial institutions.
The country's General Budget was reviewed on Wednesday with the aim to correct its oil barrel reference value from USD 55,00 to USD 37,00.
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