Angola - Banking and securities
In 1976, the government nationalized the two major banks, the Bank of Angola and the Commercial Bank of Angola (renamed the People's Bank of Angola). The Bank of Angola became the central bank, renamed the National Bank of Angola (Banco National de Angola-BNA). In 1996, this bank transferred its commercial accounts to the Caixa de Credito Agro-Pecuaria e Pescas (CAP) in order to function more as a regulatory organization for other state-owned banks. CAP, established in 1991, was owned by the Ministry of Finance and used to finance government activities. It has had liquidity problems in recent years, making it unable to clear checks at times, so some businesses refuse to accept CAP checks.
Banco de Comercio e Industria (The Bank of Commercial and Industrial Commerce-BCI) was a semiprivate bank, but was occasionally restricted to government financing. The government owns about 40% of the BCI's shares. The opening in mid-November 1996 of the Banco Africano de Investimento (BAI) was Angola's first private bank launched since it gained independence in 1975, and Angola's only investment bank. Other major banks included Banco de Poupanca e Credito (BPC), serving primarily the trade sector and construction; and Banco Fomento Exterior and Banco Totta e Azores, both Portuguese commercial banks.
The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $648.2 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $1.9 billion. The discount rate, the interest rate at which the central bank lends to financial institutions in the short term, was 150%.
There were no securities exchanges in 2000.