Angola has net foreign reserves of US$20.1 billion in May

5 July 2011

Luanda, Angola, 5 July – Angola’s net foreign reserves increased in May by around 9 percent to US$20.1 billion, driven by a rise in the price of oil, the country’s main export product, Angolan weekly newspaper Expansão reported.

Citing figures from the National Bank of Angola, the central bank, the weekly said that in May net foreign reserves rose by US$1.5 billion against April.

After totalling US$17.3 billion at the end of 2010, net foreign reserves fell slightly in January and February and then started recovering in March.

Angola has thus overcome the period of drops in reserves, which led the Angolan government to ask for help from the International Monetary Fund (IMF) to re-establish its balance of payments following the international financial crisis and drops in the prices of oil and diamonds. (macauhub)