Angola: Governor of central bank denies possibility of kwanza devaluation

17 February 2009

Luanda, Angola, 17 Feb – The governor of the Banco Nacional de Angola (BNA) dismissed Monday any devaluation of the national currency due to the global financial crisis, though he admitted that greater effort was needed to keep the exchange rate stable.

Amadeu Mauricio’s statements to the press came after rumours in Luanda and the country’s media of a devaluation of the kwanza against the dollar
The governor of the central bank guaranteed that the supply of North American dollars had not been reduced with the global crisis, admitting, however, that reserves had dwindled from US$19 billion (December 2008) to US$17 billion.

“The current figures stand at around US$17 billion. There is a fall and this is due to the fact that we our revenue is down compared with the previous six months, he said.

This reduction is essentially the result of the fall in Angolan oil production originating in the cuts stipulated by The Organization of the Petroleum Exporting Countries (OPEC), as well as the reduction of the price per barrel on international markets.

Amadeu Mauricio’s statements were made after a meeting with commercial bank presidents operating in Angola, which sprang from substantial growth in the daily demand by the commercial banks for dollars from the BNA.

According to a banking source contacted by Portuguese news agency, Lusa, in the last few days the BNA has received daily requests of over US$300 million, when the normal figure is between 50 and 60 million, thanks to the greater demand for American dollars. (macauhub)