Angola’s foreign exchange reserves drop in December

23 February 2010

Luanda, Angola, 23 Feb – Angola’s foreign exchange reserves fell to US$12.3 billion in December 2009, down from US$12.9 billion in November, indicates an internal document from the Banco Nacional de Angola.

The document obtained by Reuters also shows that in 2009 Angola’s central bank lost 30 percent of its foreign exchange reserves.

Although prices for a barrel of oil have more than doubled and are currently around US$80, the Angolan government continues to use part of the foreign exchange reserves in the country’s reconstruction process.

Banco Nacional de Angola announced late last year that it had increased the amount of dollars it was selling to commercial banks in its daily auctions with a view to strengthening the Angolan currency. This has also impacted on the volume of reserves.