africa Angola Banking Currency Economy

Angola Reserve Bank sells Eur 142,6 million

At least Eur 142.6 million (Usd 159.3 million) were sold by the Banco Nacional de Angola (BNA) to local commercial banks from February 6-10 this year, Angop learned.

The information was posted Friday in Luanda on the Angola Reserve Bank website that states that the amount above shows a drop as compared to that of the previous four days that reached Eur 326.1 million (USD 364,7 million).

According to the source, BNA sold to the local market foreign exchange of EUR 142,6 million (Usd 159,3 million) for the operations below:

1.            EUR 26,9 million to cover the purchase of foodstuffs;
2.            EUR 26,8 million for the industrial sector;
3.            EUR 17,9 million for travels, family aid, health and education;
4.            EUR 17,9 million for Credict Cards;
5.            EUR 14,3 million for oil sector needs;
6.            EUR 10,9 million for various companies operations;
7.            EUR 8,8 million to cover the needs of State ministries and institutions;
8.            EUR 7,2 million for exchange bureaus operations
9.            EUR 6,3 million to cover letters of credit;
10.          EUR 5,4 million for remittances;
11.          EUR 115,7 thousand for telecommunication sector operations;
12.          EUR 65,9 thousand for health sector operations;
13.          EUR 68,4 thousand for education sector operations.

The average exchange reference rate for sales on the primary foreign exchange market, calculated at weekend was Usd = Kz 166,732, and EUR=Kz 186,286.

Monetary Operations

For monetary regulation purposes, the BNA conducted open market operations (OMO), with 7,14, 28 and 63-day maturities, having absorbed liquidity in the amount of Kz 75.1 billion at average interest rates of 7,50%, 9,00%, 11,00% and 13,00% a year respectively.

Interbank Money Market

On the interbank market, the commercial banks made overnight liquidity transfers among themselves, not backed by collateral, in the cumulative amount of Kz 9.5 thousand million, nearly 34.48% less than the previous week, which was Kz 14.5 thousand million.  The average daily volume of transactions for the week in question was Kz 2.4 thousand million.

On the interbank market, the commercial banks made overnight liquidity transfers among themselves, not backed by collateral, in the cumulative amount of Kz 33,6 thousand million, with five days overnight maturities, at average exchange rate between  19,17% and 23,70% a year.

The overnight LUIBOR (1 day) calculated on the last day of the week, based on the aforementioned liquidity transfers, stood at 23,63% per annum, without variation as compared to the previous week’s rate.

The LUIBOR for the 30, 90, 180, 270 and 360 days maturities stood at 19,25%,   20,85%, 21,08%, 22,13% and 22,70%pa, recording variations between 0,08 and 0,58pp in all maturities as compared to the previous week.

Source: Angop


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