Angola’s non-oil sector sees monthly foreign currency demand of US$300 million

2 July 2018

The monthly demand for foreign currency for the acquisition of raw materials for the non-oil sector of the Angolan economy exceeds US$300 million, said the governor of the National Bank of Angola, speaking at the end of the 7th Banking Forum, held under the motto “What is the best exchange rate regime for Angola?” promoted by weekly newspaper Expansão.

José de Lima Massano said that much of this demand by commercial banks from the central bank, to pay for the import of goods could be met with domestic production, particularly in the beverage sector.

Giving another example, the governor said that in the first quarter of 2018 food imports amounted to US$560 million, which despite representing a 30% decrease compared to the same period of 2017, is not expected to be far behind last year’s figure of US$3.3 billion at the end of December.

“The awareness of our limitations must be general so that, together, we can overcome them, and the country has the conditions to produce part of the goods that are currently imported,” said Lima Massano.

The priority for the country’s scarce foreign currency resources, Massano said should be for them to be used efficiently and with economic fairness. He added they should be used for development and construction of social welfare and to ensure more capacity to protect international reserves in order to maintain the external solvency of the economy. (macauhub)