Angola: Commercial Banks, Oil Companies Join Fxgo Platform

Luanda — A group of 23 national banks and eight oil and gas companies have joined the electronic foreign currency trading platform known as FXGO which will be made available by the Bloomberg company in the national market.

The service contracted by the Angola Central Bank (BNA) allows the real time deal between salespeople and foreign currency buyers having the exchange rates being freely negotiated by both sides.

The same platform allows that the side which starts the buying or selling of the foreign currency can have access to offers from various sides and at the same time choose the best one.

According to the Central Bank, the platform brings more efficiency and transparency to the exchange market.

The platform also publishes the market exchange rates which are real time updated based on the transactions held through the platform and other relevant collected information.

However, in the scope if this process, based on Instruction No. 2/2020, of 30 March, which defines the operational trading procedures through the referred platform, BNA guarantees soon to publish regulations that determine that active companies in the diamond sector should also negotiate its exchange operations through the mentioned platform.

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