# Banco Nacional de Angola

Banco Nacional de Angola is a Bank / Wealth / Trust based in Luanda, Angola.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Luanda, Angola
- **Region:** Africa
- **Address:** Luanda, Angola
- **Founded:** 1976
- **Assets under management:** Undisclosed
- **Website:** www.bna.ao
- **LinkedIn:** https://www.linkedin.com/company/oficialbna

## Regulatory record

- **Reports private funds:** No

## About

Banco Nacional de Angola is a financial institution established in 1926 in Angola. It oversees the national currency's value and participates in monetary, financial, and exchange rate policies. The bank focuses on the consumer goods sector.

## Sectors

- Sovereign Reserves
- Foreign Exchange
- Financial Stability
- Monetary Policy

## People

- José de Lima Massano — Governor

## Questions

### Who is responsible for the BNA's reserve management decisions?

Reserve management falls under the Governor's office, currently held by José de Lima Massano, who has led the bank since 2017. The bank's Monetary Policy Committee sets the broad asset-allocation framework, with day-to-day execution handled by the Markets and Reserves Management Department. Massano's background includes chairing Angola's sovereign wealth fund, giving him direct experience with external asset management.

### What is the composition of Angola's international reserves?

The BNA does not publish a granular breakdown, but central-bank communications indicate the portfolio is concentrated in highly liquid instruments: sovereign bonds of major economies, gold, and foreign-currency deposits with other central banks. Given Angola's dollarized trade flows, the U.S. dollar dominates the basket. There is no public record of equity, real-estate, or private-market allocations within the reserve portfolio.

### How does the BNA's role differ from Angola's sovereign wealth fund?

The BNA manages foreign-exchange reserves as a monetary-policy tool, focused on liquidity and currency defense. Angola's sovereign wealth fund, Fundo Soberano de Angola, was established separately in 2012 to invest surplus oil revenues for long-term returns, but it has undergone restructuring. Past governors, including Massano and his predecessor Valter Filipe, have been involved with the sovereign fund, linking the institutions' governance circles.

### Where does the BNA's reserve capital originate?

Reserves are accumulated almost entirely from oil-export revenues channeled through Sonangol, the state oil company, and related petroleum taxes. Sonangol is required to sell foreign-currency earnings to the BNA, a structural linkage that makes the balance of payments — and kwanza levels — highly sensitive to crude prices and OPEC production agreements.

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Last updated: 2026-06-03T20:00:00.000Z

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