Official and parallel exchange rates expected to converge in the short term in Angola

31 October 2018

The exchange rate on the official and parallel markets are expected to converge in the coming months, which will bring great benefits to the Angolan economy, the Minister of State for Economic and Social Development said on Tuesday.

Manuel Nunes Júnior, speaking at the presentation of the National Development Plan (PND) for 2018/2022 to members of parliament, said that in January of this year the difference between the two exchange rates reached 150%, while now it stood at around 20%.

According to Angolan news agency Angop, Júnior said the government’s objective, is to make rates in the two markets the same in coming months.

The Minister of State also said the inflation rate is also falling, with the forecast this year of a cumulative rate of less than 20%, well below the 28.8% forecast in the General State Budget (OGE) for 2018.

With the approval of Angola’s Development Plan for 2018-2022 this becomes the main document for planning and guidance of all government action.

Based on this instrument, the programme budgets will be drawn up, which is to say that the state budgets will be based on the 83 programmes included in the National Development Plan, and the 2019 State Budget has already been drafted on this basis.

With this assumption, he said, more focused governance is ensured along with being more disciplined, more resource efficient and more effective in achieving desired results. (macauhub)