Angola’s net international reserves were the lowest since April 2017, totalling US$12.839 billion, down 1.69% compared to US$13.06 billion recorded in January, according to statistics released by the National Bank of Angola.
Angolan newspaper Mercado reported that the country’s net international reserves have fallen by 47% since 2015 when the economy began to feel the effects of the drop in oil prices and also the year in which the gradual decline of those reserves began.
The prolonged drop in the price of oil is one of the factors that have contributed to the continued decline in net international reserves, thus contradicting the government’s objectives in the Macroeconomic Stabilisation Plan (2017-2018), which seeks to stabilise reserves, to ensure at least six months of imports.
According to the most recent data published by the Angolan central bank, the country’s net international reserves stood at US$18.66 billion in April 2017, and since then it has been gradually moving forward with August, for example, recording a fall of almost US$2 billion. (macauhub)