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Angola: Exchange difference drops from 150 to 20%

Approximate reading time: 2 minutes

The difference between the official and unofficial exchange rates, which until January this year stood at 150 percent, is now below 20 percent.

The statistics were released Tuesday by minister of State and Economic and Social Development, Manuel Nunes Júnior, predicting that the goal would remain until the end of the year.

The minister said that the Angolan Government has set a 20 percent goal of difference of the exchange rate between the official and the black market exchange rate.

According to him, the Government managed to achieve this goal before the expected period.

Manuel Júnior, who was speaking at a consultation meeting with civil society on the 2019 general budget proposal, described the 2018 as a year of vulnerability in the foreign exchange market.

He put the expected inflation rate for 2018 at 20 percent, adding that it is a lower indicator than the previous year, which reached up to 23 percent.

As for the Angolan loan, the minister admitted that if the interest rates on loans exceed the economic growth rate, then the country will be in difficult situation to pay the debts.

He defended sufficient and speedup economic growth to allow the country to pay the debt with the new wealth generated by investments.

To this purpose, he said,  it is important the support for the productive sector to allow a sustainable economy and face the social problems of the country.

Manuel Nunes Júnior, who presided over the ceremony, said that the event enabled to hear the contributions from several personalities of civil society on the preparation of the State Budget.

Source: Angop

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