Lusophone Central Banks Launch Network for Financial Unity
In a landmark move to strengthen financial stability and cooperation across the Lusophone world, the Network of Central Banks of Portuguese-Speaking Countries was officially launched on Monday in Luanda. The initiative aims to deepen ties between governors and technical experts to tackle shared economic challenges.
A Framework for Deepened Cooperation
Member states formalized the partnership by signing a Memorandum of Understanding during the inaugural event. Tiago Dias, Governor of the National Bank of Angola, told reporters that the network will establish specialized working groups focused on critical areas including macroeconomic stability, financial inclusion, digitalization, and the modernization of payment systems.
“These working groups are being formed so that specialists from our central banks can have a permanent space for interaction,” Dias explained. Following the signing, the network held its first official meeting to approve its organizational structure, including its presidency and the specific mandates for each technical group.
“Historic” Step Amid Global Fragmentation
Álvaro Santos Pereira, Governor of the Bank of Portugal, hailed the initiative as “historic.” He emphasized that the network will facilitate vital information sharing in sectors such as statistics, financial literacy, crisis management, and economic analysis.
Santos Pereira noted that the timing of the agreement is particularly significant. “At a time when the world faces geopolitical conflicts and fragmentation, it is highly relevant for the Lusophone community to come together to strengthen its cooperation,” he stated.
Angola’s Growing Economic Influence
The launch coincided with the 50th anniversary of the National Bank of Angola. The Bank of Portugal’s governor praised Angola’s leadership in hosting the summit and commended the country’s recent economic trajectory.
“In recent years, Angola has carried out important reforms, and it is important to see the growing dynamism in the Angolan economy,” Santos Pereira said. He highlighted that growth in Angola’s non-oil sector presents a significant opportunity for foreign investors, expressing hope for increased capital flow into both the financial system and other industries.
Regional Economic Outlook
The event also hosted a broader meeting of central bank governors from the Community of Portuguese Language Countries (CPLP). The leaders reviewed the current international economic climate, discussing how global volatility affects their respective domestic economies and identifying new avenues for mutual support.
The CPLP comprises Portugal, Brazil, Angola, Mozambique, Cape Verde, Guinea-Bissau, São Tomé and Príncipe, Timor-Leste, and Equatorial Guinea.
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