The Angolan financial system will be evaluated, in 2024, by multilateral institutions, as part of the approval of the Strategic Plan of the Council of Financial System Supervisors 2022/2024, announced the National Bank of Angola.
The announcement was made following the 4th ordinary meeting Council of Financial System Supervisors (CSSF) held last Thursday.
A note from the National Bank of Angola underlined that, regarding the objective of ensuring the transparency and credibility of the financial system, the ongoing work carried out by the Angolan Agency for Insurance Regulation and Supervision (ARSEG) was presented at the meeting. ARSEG seeks to update its Chart of Accounts, with a focus on the schedule of actions to adapt to the international financial reporting standards.
The meeting also examined the status of the diagnosis of the level of implementation of ESG (Environmental, Social and Governance) policies by financial system operators, having reiterated the principle of adopting cross-cutting recommendations in line with the commitments made by national authorities, particularly in relation to climate change.
The CSSF is a body that exercises coordination functions among the National Financial System’s supervisory bodies in the exercise of their respective powers to regulate and supervise the financial entities and activities under their jurisdiction. It is responsible, among others, for advising Banco Nacional de Angola (BNA), as the National Macroprudential Authority, on matters related to the definition and execution of the macroprudential policy for the National Financial System.
The Council of Financial System Supervisors was attended by its permanent members, namely the governor of the National Bank of Angola, who chairs it, the Chairman of the Board of Directors of the Angolan Agency for Insurance Regulation and Supervision (ARSEG), the Chairman of the Board of Directors of the Capital Market Commission (CMC) and the Secretary of State for Finance and Treasury representing the Ministry of Finance, as an observer.