Image credit: AhmadArdity (Pixabay)
The FXGO platform, which was contracted to Bloomberg, had since end of March been utilised by 23 banks as well as eight companies in the oil sector.
Apart from diamond companies, BNA also wants the national treasury and large companies with foreign currency purchase needs, such as air navigation companies, to access the FXGO platform.
“Once the above mentioned entities have joined the FXGO platform, the conditions will be met for the National Bank of Angola to stop conducting foreign currency sales auctions, intervening only in the foreign exchange market through said platform, buying or selling foreign currency…for the purpose of strengthening or reducing international reserves or adjusting the exchange rate,” BNA was quoted as saying by Ver Angola.
The FXGO platform allows real-time trading between foreign currency sellers and buyers, with exchange rates freely negotiated between the parties.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
