December 2016

GOVERNMENT FOCUSES ON PRUDENTIAL SUPERVISION OF THE FINANCIAL SYSTEM

06.12.2016

Treasury Secretary Mário Nascimento recently said in Luanda that the Angolan Government is betting on a prudential supervision of the financial system in all its segments, namely banking, finance and insurers, in order to guarantee the robustness, efficiency in its operation.

The information was provided by the minister of the Ministry of Finance (Minfin), in partnership with the World Bank, who was speaking at the opening ceremony of the workshop on the theme "General Lines of Strategy for the Development of the Financial Sector in Angola".

According to Mário Nascimento, these segments are indispensable for the success of public policies. Continuing, he stressed that one of the central concerns of financial system regulation is systematic risk prevention. For Secretary of State only a well-regulated and supervised financial ensures the economic agents the confidence necessary for its full functioning.

"Only the confidence in financial institutions allows the savings between the financial system and there to remain allowing its efficient channeling for productive investment," said the official, adding that recent efforts by the Angolan authorities have been notable in order to strengthen the supervision of the financial system, updating the regulatory framework and laying the foundations for a more risk-focused approach to supervision.

The purpose of the workshop was to bring to the attention of market participants the proposal for the "General Lines of the Financial Sector Development Strategy", as well as the sharing of experiences and contributions to improve this plan.

In the event, among other matters, the "Pillar and actions for Financial Stability", "Pillar and actions for Financial Inclusion" and "Pillar and actions for the Capital Market" were analyzed.

The workshop was attended by officials from the Ministry of Finance, the National Bank of Angola, the Capital Markets Commission and the Insurance Regulation and Oversight Agency, as regulators, as well as market operators, mainly banks, insurance companies and funds.