National Bank of Angola increases foreign currency sales to meet demand

20 October 2015

The National Bank of Angola increased the amount of foreign currency sold to the market in order to meet growing demand in the country, said recently in the city of Lubango the deputy governor of the central bank.

Gualberto Lima Campos, after recalling that the increase in sales of foreign currency resulted from a decision of the Economic Commission of the Cabinet, said the move by the National Bank of Angola was intended to reduce the negative effects of lack of foreign currency on the real economy.

The deputy governor was speaking at the First Forum of Business and Investment Opportunities in Huila, “Investhuíla,” said that in 2015 the National Bank of Angola had already carried out two discrete devaluations of the kwanza, the national currency, with the first, by 5.75 percent, occurring on 5 June and the second, of 6.58 percent, on 11 September.

“The dollar on the official market is currently worth about 135 kwanzas,” said Lima Campos, according to Angolan news agency Angop.

The BNA has held foreign currency to bureau de change with a view to standardising the primary and secondary foreign exchange markets, based on the money supply to the public and stable exchange rates.

The deputy governor also said that available macroeconomic indicators showed that the Angolan economy was going through a period of slowdown but denied that the country was in or would go into recession. (macauhub/AO)