National Bank of Angola which at the time was an overseas province of Portugal. In 1926, the Portuguese established a separate issue bank for Angola, creating the Bank of Angola (). BNU transferred its branch in Stanleyville to this bank, which in 1934, transferred the branch to Boma, before closing it in 1947. When Angola gained its independence in 1975, the government nationalized the banking sector. "Banco de Angola" became "Banco Nacional de Angola" (BNA); "Banco Comercial de Angola" became "Banco Popular de Angola", and is now "Banco de Poupança e Crédito". The BNA continued to function as a central bank, bank of issue
Angola–Cuba Declaration of 1984 declaration of independence. In response, Cuba intervened in favor of the MPLA, which became a flash point for the Cold War. With Cuban support, the MPLA held Luanda and declared independence on 11 November 1975, with Agostinho Neto becoming the first president, though the civil war continued. At this time, most of the half-million Portuguese who lived in Angola – and who had accounted for the majority of the skilled workers in public administration, agriculture, industries and trade – fled the country, leaving its once prosperous and growing economy in a state of bankruptcy. Cuban intervention in Angola is believed