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Deutsche Bank ceases dollar-clearing services in Angola

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Deutsche Bank ceases dollar-clearing services in Angola

Deutsche Bank AG stopped clearing dollar trades in Angola in mid-November, leaving the African country without a lender that provides the service, Bloomberg News reported Dec. 16, citing "people with knowledge of the matter."

Foreign lenders in Angola are having difficulties complying with rules against money laundering and corruption, with Transparency International ranking the country as one of the 20 most corrupt nations across the globe, the report noted.

The IMF said in June that lost relationships with international banks have resulted in an increase in the cost of doing business in the country, which is now encouraging the use of euros, South African rand and Chinese renminbi.