Angola’s foreign currency reserves hit record US$ 3 billion

3 January 2006

Luanda, Angola, 3 Jan – Reserves of foreign currency in Angola totaled US$ 3 billion at the close of 2005, more than four times the level recorded in the previous year, the governor of the National Bank of Angola has said.

Amadeu Mauricio, speaking Monday, said the current level of foreign reserves was the highest ever in Angola and would continue to rise due to loans obtained by the Luanda government and the renegotiation of the country’s foreign debts.

These financial concessions have been obtained by Luanda due to a climate of peace and political stability, falling inflation, sound monetary policy and healthy growth in economic activity, noted the central bank chief.

Mauricio highlighted the efforts being made by the Luanda government to reduce Angola’s foreign debts to countries not belonging of the Paris group of creditor nations.

Luanda has settled most of its state and private debts with former colonial ruler Portugal, he added, resulting in Lisbon granting credit of 200 million euros.

Brazil has offered a US$ 580 million line of credit to Angola, said Mauricio. (macauhub)