Airlines continue to have retained revenues in Angola

28 September 2018

Angola is the third country in the world where most airline revenues are held because of the inability to obtain foreign exchange to repatriate them, the International Air Transport Association (IATA) has said.

Before Angola, which has US$137 million in retained funds, is Venezuela in first place, with US$3.78 billion or 82% of the total amount of US$4.6 billion, followed by Bangladesh with US$147 million.

The first five places also include Sudan, with US$134 million and Zimbabwe with US$132 million.

These are the revenues from the sale of air tickets that the airlines can not repatriate in Angola’s case due to the economic, financial and exchange crisis that the country has been experiencing since the end of 2014.

The situation has led Angola to accumulate debt, in the form of blocked funds – deposited in Angolan currency in national banks and awaiting authorisation for repatriation – to a “peak” of more than US$500 million, according to IATA.(macauhub)