Angola’s net international reserves fall to US$13.3 billion in 2017

13 March 2018

Angola’s net international reserves declined by 36.08% year-on-year and 13.04% quarter-on-quarter to end 2017 at US$13.299 billion, according to the Inflation Report on the fourth quarter of 2017 recently published by the National Bank of Angola.

Gross international reserves stood at US$17.9 billion at the end of the year, covering 6.85 months of imports of goods and services, against US$19.710 billion, or 7.58 months at the end of the third quarter of 2017.

The year-on-year decrease of US$6.415 billion was due to a greater outflow of currency related to current government payments, foreign debt servicing and foreign exchange sales by the National Bank of Angola, the document said.

The report noted that gross international reserves at the end of 2017 remained at comfortable levels, with coverage above the six-month target for imports of goods and services (Southern Africa Development Community convergence target), despite uncertainties and price volatility on the international market. (macauhub)