Airline TAP – Portugal has 122 million euros retained in Angola

26 April 2018

Portuguese airline TAP- Portugal in 2017 doubled to 80.8 million euros its subscribed amount of Angola’s Treasury Bonds, indexed to the dollar exchange rate risk, given that a year earlier the amount applied was 39.654 million euros, according to the air carrier’s annual report and accounts for the 2017 financial year.

The company also has bank deposits amounting to 41.6 million euros deposited in Angolan banks, denominated in kwanzas, dollars and euros, with the company currently facing “difficulties of repatriation of funds.”

This amount is higher by about 6 million euros than the value of deposits at the end of 2016, and together, between Angolan state debt and bank deposits, the amount totals 122.4 million euros.

A TAP spokesperson told Portuguese newspaper Público that “the strategy of investing in Angolan treasury bonds was successful, since they are linked to the dollar, which made it possible to minimise the impact of the devaluation of the kwanza.”

In December 2017, when asked about the funds retained in Angola, the then CEO of the company, Fernando Pinto, acknowledged an increase in the amounts invested in Angolan public debt.

Last January, the Chairman of the Board of Directors of the International Air Transport Association (IATA), Alexandre Juniac, announced that airlines had US$540 million withheld in Angola due to the inability to obtain foreign currency to repatriate revenues. (macauhub)