Angola’s foreign reserves fell to US$12.1 billion in June

6 August 2009

Luanda, Angola, 6 Aug – Angola’s foreign reserves fell to US$12.1 billion in June after reaching US$12.2 billion in May, said the Banco Nacional de Angola Wednesday in Luanda.

Angola, which depends on oil exports for 90 percent of its revenue, saw foreign reserves fall 30.5 percent in the first quarter.

According to official figures from the central bank, foreign reserves reached US$17.49 billion in December 2008.

Oil prices on the international markets have gone up following a sharp fall in the second half of 2008 but remain at less than half the US$147 per barrel reached in July 2008. (macauhub)

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