Angolan industrialists support new foreign exchange policy for oil companies

4 January 2012

Luanda, Angola, 4 Jan – The chairman of the Association of Angolan Industrialists (AIA), José Severino has said that the requirement for oil companies operating in Angola to meet their commitments in Angolan currency “will have positive repercussions on the real economy.”

“Financial transactions will be carried out in kwanzas, when recently they were carried out in dollars,” said the chairman of the AIA noting that the measure recently approved by the Angolan parliament was starting to offer some stability to the country’s currency, as well as reducing circulation of the dollar in the Angolan market.

The measure will make more cash available in national currency at retail banks to fund the economy, which “will lead to interest rates tending to drop,” Severino told state newspaper Jornal de Angola.

“The banks should promote economic growth as that is how jobs are created and national wealth is distributed,” noted Severino warning that, “we need a banking system that is more focused on sustainable development,” and not just on supporting import transactions. (macauhub)