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Mon, 23 Jun 2014 16:48 - Updated Mon, 23 Jun 2014 17:59

Reserve bank denies foreign currency shortage reports

Luanda - National Reserve Bank of Angola (BNA) has assured that there is no shortage of foreign currency in the formal market economy, as the institution provides every week the necessary amount to meet the economic agents needs.

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The information was released by the BNA governor, José de Lima Massano when speaking to the press at the end of a meeting he held with leaders of Angolan business associations.

The official said that the economy is in a course of stability and there is a set of measures that have been taken aimed at the maintenance and sustainability of the framework which is the process of de-dollarisation of the economy, started four years ago.

According to the manager,  it is natural that due to the changing process of any rule the economic agents experience either difficulty.

Under the current frame, both the country's Net International Reserves and the Exchange Supplies suggest that the process is in its course of stability.

"There is no crisis, because the institution has been making availably more currencies" he said.

The official added that the BNA realised the growing demand among entities involved in regular sale of currency to the economy, particularly in the oil sector.

In face of this situation, he said, the BNA was forced to add more currencies due to some delays recorded in the system.

At this time, he added, the market is operating smoothly, despite, to continue observing some differences at the level of informal market.

Lima Massano stressed the stability of the national currency (Kwanza) at the informal market.

Quoting the recent data released by National Statistic Institute, the Banking official put at 6.9 percent the inflation recorded in May, considered the lowest ever.

He also reiterated that there is no shortage of foreign currency in the formal market, but fewer notes in the informal market,  eventually felt by some citizens who want to travel abroad.

Tags Economy   Moeda  

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