Regulatory Alerts2023-03-17
Circular Letter No. 03/2023 on Credit Concession to the Real Economy – Textile Industry
The National Bank of Angola issued Circular Letter No. 03/2023 to expand the scope of Notice No. 10/2022 regarding credit grants to the real economy. The directive mandates Banking Financial Institutions to classify activities across the entire textile sector—including cotton cultivation, processing, fabric manufacturing, and finished garment production—as essential goods eligible for targeted credit. This clarification aligns financial sector lending with Angola’s economic diversification objectives by explicitly incorporating textile value chain operations into existing regulatory frameworks.
CIRCULAR LETTER NO. 03/2023 SUBJECT: FINANCIAL SYSTEM -Notice No. 10/2022, dated April 6, on the granting of credit to the real sector of the economy – Textile Industry The National Bank of Angola (BNA), aiming to align the financial sector with the objective of economic diversification, issued Notice No. 10/2022, dated April 6, to encourage the granting of credit to the real sector of the economy. The aforementioned Notice, in its Article 2, defines the scope of application as covering activities related to the cultivation and production of essential goods. In this regard, this Circular Letter serves to inform Banking Financial Institutions that, in addition to the activities listed in the aforementioned Notice, they must consider as cultivation and production of essential goods those that comprise the entire textile sector, from the cultivation and processing of cotton to the production of fabrics and finished garments. Luanda, March 17, 2023. CREDIT MONITORING OFFICE
Veloso Ndunguini Filipe Pedro -Director-