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Angola foreign currency inflow down by half

Angola foreign currency inflow fell by 50% this year compared to the same period in 2019, said the governor of National Bank of Angola (BNA).

José de Lima Massano, who was speaking on Public Television of Angola (TPA), put the net reserves at US$10.2B, accountable for 11 months of imports.

The gross product stands at US$15B.

Previous joint forecast, conducted with the IMF, put the reserves at US$8B. But the real figure exceeded the goal, reaching US$10.2B.

Also read: Angola: Government maintains commitment to fiscal consolidation

Despite the drop in Angola foreign currency inflow, the manager considered the net reserves stable over the year. He attributed this success to exchange rate policy that adjusts to the market.

He also said that food imports decreased by 23 percent, compared to the same period in 2019.

As for the auctions, he reported that US$50M were sold to commercial banks on Tuesday.

The manager said that complaints about non-acquisition of foreign currency at commercial banks have dropped due to measures taken by the central bank.

Source: Angop

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