Angola Central Bank Releases More Foreign Currency

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The Angola Central Bank (BNA) has considerably increased the amount of foreign currency available in the local exchange market in order to better respond to the demand for foreign values in the country.
This was said Monday in Lubango, southern Huíla province, by BNA deputy governor, Gualberto Lima Campos.

The official added that the measure follows a Cabinet Council Economic Commission’s decision to have more foreign currency available in the exchange market and thus better respond to demand.

The official was speaking at 1st Huila’s Business and Investment Opportunity Forum “Investhuíla”, saying the BNA measure is also meant to reduce the negative impacts on the country’s real economy.

Gualberto Lima Campos said as well that in 2015, BNA devalued the national currency (Kwanza) twice, being the first by 5,75%, on June 5, and the second by 6,58%, on September 11, putting the US Dollar at about Akz 135,00 in the market.

He added that BNA has been conducting foreign currency auctions aiming at the normalisation of the primary and secondary exchange markets.

The deputy governor stated that adjustments have been made this year to the coefficients of the commercial banks reserves, seeking to reduce the liquidity in the financial system.

According to the official, the most recent alteration to the commercial banks reserves was from 20 to 25 percent.

The source stated that BNA recently resumed its open market operations that had been suspended early in 2015.

The deputy governor said the macro indicators show that the economy has suffered a deacceleration, but ruled out any recession.

Gualberto Lima Campos considered this to be the due time for businesspeople to make investment decisions, stating that better times will come.

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