Angola’s balance of payments posts surplus in 1st half

17 August 2016

Angola’s balance of payments ended the first half of the year with a surplus of US$6.744 billion, an annual increase of 13.5%, the Finance Ministry said in Luanda.

That figure includes a negative accumulated variation of imports of 54% and 32.7% for exports by 32.7%, according to the statement issued.

The statement cited Finance Minister Armando Manuel speaking to members of the Angolan parliament on Monday ahead of the approval of the revised 2016 General State Budget proposal.

The minister also told MPs budget execution had recorded a surplus of US$711 million in the first half of the year and that domestic financing in the period amounted to US$1.022 billion.

The national currency, the kwanza, saw an annual depreciation of 47.5% and an accumulated depreciation in 2016 of 33.9% against the dollar, with the average exchange rate set at 162.15 kwanzas per dollar.

Manuel said a restrictive monetary policy had been adopted to mop up the surplus liquidity that could put pressure on domestic prices.

In this sense, he said, the country’s monetary authority, the National Bank of Angola, made adjustments in interest rates in the first half of the year, with the marginal lending rate increasing to 20%. (macauhub/AO)