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Vol 53 No 18

Published 7th September 2012


Angola

Forex windfall test for banks

Oil companies will soon have to process all their supplier payments through the local financial system but will the system be able to cope?

Eight years after it was first proposed, the government is bringing in a law that will force oil companies to pay their suppliers through banks inside Angola. The Law on Foreign Exchange Regulations Applicable to the Oil Sector will provide a huge boost to liquidity levels in the local banking sector but it remains unclear if there will be many practical benefits for the local economy and how well local banks will cope with the influx of funds (AC Vol 52 No 24).

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