Angola’s foreign reserves total US$11 billion

14 September 2007

Luanda, Angola, 14 Sept – Angola’s foreign currency reserves held by the National Bank of Angola (BNA) may reach US$11 billion by the end of the year, the director of the Reserve Management department, Francisco da Silva said Thursday in Luanda.

Speaking to Angolan news agency Angop on the sidelines of a talk on “impact of the Exchange Rate on the National Economy,” the economist said that, in 2006, foreign reserves at the bank had totaled US$7 billion.

He noted that the high price of oil on the international market, a barrel of which reached a maximum of US$80 this week, was contributing to the significant accumulation of reserves.

During the talk, the participant-workers of the National Economic Activities Research Directorate (Dniiae) asked the central bank to set an exchange rate for retail banks in order to prevent rate variations.

Silva said in reply that the BNA stipulates a benchmark exchange rate for retail banks and not a standard rate, in order not to discourage competition between banks. (macauhub)