Angola: Angola’s foreign reserves total US$15 billion

14 July 2008

Luanda, Angola, 14 July – Angola’s foreign currency reserves held by the National Bank of Angola (BNA) recently reached a total of US$15 billion, or 36 percent more than the total at the end of 2007, the governor of the Bank of Angola said in Luanda Thursday.

Speaking on the sidelines of a conference on the economy and finance held in Luanda, Amadeu Maurício said that the figure included, amongst other things, additional oil revenues, which could be used if the volatility of crude oil prices were to affect government projections.

In the current budget, the Government estimated a price per barrel of oil of US$55. Meanwhile, Maurício warned that the high price of oil would not directly be reflected in the country’s revenues as in Angola, as with other countries, revenue came from taxes.

The governor of the Bank of Angola announced that projected inflation for this year (10 percent) was likely to be exceeded, due to the international market crisis (high price of fuel and food).

The central bank was outlining the necessary strategies, he said, creating market mechanisms to prevent the domestic market from collapsing, as the causes have been identified.

Maurício pointed to containment of excess liquidity and an increase in domestically-produced goods as measures to reduce the impact of the world economic crisis on Angola. (macauhub)