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Angolan Economic Crises And Collapse of Angolan Financial System
JULY 2016, PhD PRESENTATION Resume By
Eduardo Cambinda
In 2015 Angola economy Collapse Due to climbing of oil prices
• Introduction
• The Angola Crise and Foreign exchange Collapse
• The Power of Kingila
• Listen to The People
• What Cause the Angolan foreign Exchange Collapse
• Government Policy Implication
• Conclusion
IntroductionAfter Civil War, the Angolan economy
experienced a boom on rising Oil Money. The economy suffered its worst year in 2015 with a total collapse of the Financial System. The Angola National
Bank (BNA) banned all the foreign Exchange transactions such as
a)western Union, b) money Gram, c) swift transfer, d)visa deposit leaving
citizens no option to survive worldwide.
The Angolan Crises and
foreign Exchange Collapse
Angola GDP is comes 67th in the world according to 2016 ranking, Dollar demand from importers is high, the Banks are limited from International transactions the value of a Kwanza has depreciated.
BNA is the regulator of Financial System accordingly to BNA notice n.º 1/16, of 12/04/2016 issued by the constitution I.ª Série, n.º 57. Everyone is allowed in daily transaction of foreign exchange though it’s apparently on a ban. The same Regulator Banned all Financial transactions and Financial Intermediation in foreign exchange. No one is allowed to send money via swift transfer, Money Transfer Abroad, The famous VISA “Kumbu" is not rechargeable right now, Students and some Angolan Diplomats are not able to get money for income billing.
Power of The Kingilas
Kingila (Money changer) is a person who sells foreign currency on the Streets of Angola informally. They are the players, guiding the Currency trade, Angola only produces oil and diamonds for trade but imports everything making the tax rates so high as well as the demand for foreign currency. The Banks are not able to satisfy the elasticity of Demand and the inflation is overpowered . Public Debit is high , equity is negative, swift transfer, money gram, western Union and other kinds of transfer are banned in Angolan Financial System right now.The central Bank is overnighted with uncertain policies to save the Global trend money Markets.With economy based ON IMPORT of goods, the Companies are not Able to get foreign exchange trade due to the Ban by BNA, the Singulars are now the New Regulators in Foreign exchange, they are guiding the Money Exchange due to poor Knowledge of Money Multiplier of BNA.
Listen to The People Via Facebook
1-Uni-Teacher From Bie: “ Oil price crash, it put the economy down and ful l control of national revenue down”
2-Uni-teacher from Huila “ The m o s t p r o b l e m i s h i g h c o r r u p t i o n , w e s h o u l d educated our politician”
Listen to the people via Facebook
3-Angolan top Politicians “High corruption in Government, Embezzlement, there was 130 Billion Dollars fund rising from oil sector, it was badly managed and now the country is bankrupt”
4-Executive in Private sector “the high rate of corruption In government keeps us at a crisis”
5-Police officer “ things are not good here, food now is very expensive i can’t afford it”
Listen to the people via Facebook
6-Angolan Student in Brazil : “ there are many factors in Angolan financial System Collapse: 1-Oil price barrel price falling down, Decrease of the US foreign oil demand against OPEC. 2. Angolan economy depend on oil and lower human resources 3-The high rate of corruption in country’’
Foreign Exchange Collapse
I have Listen 20 people via facebook, Politician, Executives, Diplomats, University Lecture.
10 of them focus in Corruption, 2 in human resources, 8 in oil cash
The politician are not qualified to do their duties, Low Human Resources in Country, High Corruption
rates, full oil dependency and other factors are noticed to be the biggest problem in Angola, how to move on without Human Resources? and some
Banks are out of stage operation, the importers climbing down without foreign currency, basically
limited to import food and others goods. The Angola students abroad all with pending Bill,
Some without resources to return back home.
The Government Implication
In couple of days, i was looking in my Linkedln profile and i find out some quoteS: “ you are not a leader until you have produced another leader who can produce another leader” Look like you get there and help others get there too, Angolan crise show that it doesn't matter how many resources you have but if you don’t know how to use them, it will never be enough. The numbers of Angolan students with pending bill say a lot about Government implication.
Government Implication
Most 18 people out of 20 i listen too, they said about Government Implication In Management others 2 they said about low quality Human resources and 50% of them said about corruption in Government and all public sector, 30% said about the price of oil crash, other 20% said about human Resources.
ConclusionThe po l i t i c ian a re no t qualified to do their duties, lowest knowledge Low Human Resources in Country High Corruption rates. Empowering the Human Resources.
THANK YOU
