Exchange rate of Angola’s currency remains stable

21 June 2012

The exchange rate on Angola’s currency has remained stable in the first five months of the year, having varied by just 0.5 percent as the result of a regular supply of currency to the market, the governor of the Bank of Angola said Wednesday in Luanda.

Cited by Angolan news agency Angop, José de Lima Massano said that this year the Bank of Angola had provided just over US$7.5 billion, or around 19 percent more than in the same period of last year.

He said that despite the country’s foreign reserves increasing and covering around 7.5 months of imports, it was necessary to continue boosting production and business capacity to improve macroeconomic stability along with providing greater social benefits.

Massano, who was speaking at the closing session of the 2nd Angolan Banking Forum, added that the progress seen in the country’s economy was a sign of the commitment of the Angolan authorities to protecting and valuing income, by creating a climate of trust that encourages growth.

The governor of the central bank also said that prospects for Angola’s economic growth remained unchanged, and that the Gross Domestic Product (GDP) was expected to post growth of around 9 percent.

“Prices within the economy have settled on a better trajectory with greater stability if they are measured by the positive performance of the rate of inflation that this year stands at an accumulated 3.4 percent bringing year-on-year inflation at the end of May down to (…) 0.5 percent,” he noted. (macauhub)