Angola has an acceptable level of foreign reserves

7 March 2016

Angola has a level of foreign reserves that is considered acceptable by international standards, ensuring seven months of imports of goods and services, said Thursday in Luanda the former governor of the National Bank of Angola.

José Pedro de Morais stood down and was replaced by Vernon Filipe Duarte da Silva, during a government reshuffle announcedFriday in Luanda.

The former governor, who was speaking at a meeting with members of the 5th Committee of the National Assembly, the Economic Commission of the Council of Ministers and managers of commercial banks said that current foreign exchange reserves were not very comfortable, but did not leave the country critical position or at any imminent risk.

“We cannot exhaust our reserves and put the country towards an economic and social crisis of major proportions,” said Jose Pedro de Morais, cited by newspaper Jornal de Angola, adding that this year he expected to be a drop in imports to values ​​close to those of 2011 and 2012.

The former governor recalled the government had taken steps to control the hiring of technical assistance from abroad, encouraging medium and long term national fuel production as well as harnessing the potential of the country to reduce dependence on imported products and produce exportable products . (macauhub/AO)