Angola: Foreign reserves total US$10 billion in September

21 November 2007

London, United Kingdom, 21 Nov – Angola’s foreign reserves totaled US$10 billion at the end of September, the deputy governor of the Angolan central bank said IN London Tuesday.

During a press conference organized by Russian bank Renaissance Group, Rui Miguens de Oliveira said that the national Bank of Angola had seen a significant increase in its foreign reserves, “which gives us the confidence that we will be able to meet our international obligations.”

At the beginning of the week, Angola’s finance minister said that the country would diversify the make up of its foreign reserves, in order to include fewer dollars and more euros.

But Oliveira told journalists there was no reason to comment on the composition of foreign reserves as, he said, “what central banks have to do is manage the reserves in order to achieve a secure portfolio.”

The deputy governor of the National Bank of Angola also said that the country’s trade surplus was expected to total US$27 billion in 2007, as compared with US$22 billion in 2006. (macauhub)