Angola exports may reach US$ 28 billion in 2006

25 August 2006

Luanda, Angola, 25 Aug – Angolan exports may reach US$ 28 billion this year, 20 percent more than the US$ 23.2 billion figure from 2005, said Banco Nacional de Angola governor Amadeu Maurício.

According to Angolan news agency Angop, Amadeu Maurício, who spoke at a discussion on the role of the bank on the development of the country, said that oil sector exports stand at US$ 26 billion, much higher than the US$ 8.7 billion figure from 2003.

The governor said that the central bank has cash reserve levels that are “increasingly more comfortable”, essential for a country like Angola, which is very dependent on imports, both of consumer goods and capital goods.

Banco Nacional de Angola’s cash reserves are currently over US$ 5 billion, versus US$ 3.189 billion in 2005 and US$ 1.372 billion in 2003.

Amadeu Maurício expects reserves to reach US$ 11.6 billion by the end of 2007.

In regards to the nation’s currency, the governor revealed that the Angolan kwanza increased in value by 37.5 percent in real terms between December of 2003 and June of 2006.

This rise in currency, coupled with an increase of around 53 percent of GDP (gross domestic product), contributed to a reduction of the inflation rate in the period, without the need to have a very tight monetary policy.

Inflation stood at 4.86 percent in the first half, which corresponds to an annual rate of 9.86 percent, close to the government forecast of 10 percent for 2006. (macauhub)