The Banco Nacional de Angola (BNA) has adopted Bloomberg’s foreign exchange electronic trading system FXGO and its electronic auction system to bring greater efficiency and transparency to Angola’s FX market.
The solutions provide the BNA with real-time visibility of market activity, improving its oversight of Angola’s FX market, and enable the central bank to manage its market operations more efficiently. In accordance with the BNA’s instruction to the market, commercial banks and corporates in Angola have started to trade FX spot electronically over FXGO, Bloomberg says, adding that since adoption earlier this month, approximately $ 50 million has been auctioned twice a week over the system.
“The implementation of Bloomberg’s FX trading and auction system represents a very important milestone in the development of the foreign exchange market in Angola,” says Tânia Lopes, director of the asset market department of the Banco Nacional de Angola. “As part of a series of strategic actions taken with the support of the IMF, this new technology will bring operations on the Angolan market closer to that of other reference markets, and result in significant improvements in efficiency and transparency.”
Tod Van Name, Bloomberg’s global head of FX electronic trading, adds, “We are pleased to help the Banco National de Angola implement a step change in the management of its monetary operations and improve the functioning of Angola’s FX market. The combination of Bloomberg’s FXGO and auction system provides local market participants with FX technology used by central banks, government financial agencies and leading financial institutions across the world.”