Economics
Angola Central Bank Chief May Close More Lenders Amid Reform
- Central bank revoked two banking licences earlier this month
- Massano says the goal is for bank sector to regain credibility
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Angola’s central bank, which revoked two lenders’ banking licenses this month, will shut down more institutions if they fail to meet minimum capital levels amid an asset-quality review, Governor Jose de Lima Massano said.
Bad loans have crippled the banking sector of Africa’s second-biggest oil producer after a sharp drop in crude prices in mid-2014 triggered a three-year economic slump. The bank will complete the review of assets of Angola’s remaining 27 banks, which begins in the second quarter, by September, Massano said.