Governor of the National Bank of Angola denies currency devaluation

26 June 2017

The governor of the National Bank of Angola rejected the possibility of devaluing the country’s currency – the kwanza – in the next few months, at the end of the joint session of the Economic Commission and the Commission for the Real Economy of the Council of Ministers, on Friday in Luanda.

Valter Filipe da Silva pointed out that inflation has been falling for a few months, so that the general level of consumer prices has been reduced, “thus there is no need to touch monetary policy instruments.”

The governor recalled that it is an obligation of the central bank, through the instruments at its disposal, to protect the purchasing power of Angolan families, particularly the most vulnerable.

Silva, quoted by Angolan news agency Angop said the central bank is adopting a monetary policy of financial stability and control over inflation, exchange rates and interest rates, in order to control and reduce the general level of inflation.

This financial stability measure also aims to protect net international reserves, which are considered to be a pillar of the country’s financial stability. (macauhub)