Banco Nacional de Angola sells fewer US dollars to commercial banks in July

24 September 2015

The National Bank of Angola last July sold US$1.551 billion dollars’ worth of foreign currency to commercial banks, a year on year fall of 22.4 percent, the central bank said in a statement released on its website.

The Angolan central bank also said that commercial banks bought another US$209 million from their customers, compared with US$1.764 billion acquired in July 2014.

The total value of currency purchases by commercial banks from the National Bank of Angola and customers in July 2015 represents a decrease of 53.2 percent compared to July 2014.

Of the total of US$591 million in targeted foreign sales, US$200 million went to pay foodstuffs, with the remaining US$391 million to pay for raw materials, air services, study grants, telecommunications, communications services, health, and international payment cards, among others.

Sales of foreign currency to commercial banks result from the need for the National Bank of Angola to intervene in the forex market to cover operations defined as priorities by the government, in a context of decreasing foreign currency availability, with a view to avoiding a drop in stocks of food stocks and raw materials as well as the risk of stoppages of services essential to the functioning of the economy.

In July the Angolan central bank sold US$78 million to exchange houses and remittance operators, through commercial banks. (macauhub/AO)