National Bank of Angola sells foreign currency to cover airline operations

20 September 2016

A portion of the 387.2 million euros in foreign currency sold by the National Bank of Angola in the week of 12 to 16 September was used to cover airline operations, according to a statement released on Monday in Luanda.

The statement stipulates the amounts sold to cover a variety of operations from acquisition of food to paying for travel, family support, health and education, and for airline operations 17.9 million euros have been set aside.

Portuguese newspaper Público recently reported that TAP – Air Portugal had the equivalent of 50 million euros retained in Angola and that bank deposits resulting from ticket sales grew at a monthly average of 3 million euros.

The newspaper also wrote that the 50 million held in Angola was almost double the amount recorded by TAP in 2015.

TAP – Air Portugal is not the only airline to be affected by the shortage of foreign exchange in Angola. this year Spain’s Iberia announced it would stop flying to the country and several others, choosing to reduce it routes instead.