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Fri, 15 Mar 2019 15:11 - Updated Fri, 15 Mar 2019 15:09

Angola predicts relative stability of international reserves in 2019

Luanda - The National Reserve Bank (BNA) said Thursday the country’s Net International Reserves stood at USD 10. 6 billion until December 2018 and admitted that the country can record a relative stability this year.

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BNA building

Photo: Francisco Miudo

Deputy governor of BNA, Manuel Tiago Dias

Photo: Francisco Miudo

Despite a slight drop  in 2018, there was an increase compared to the last three years  - 2015, 2016 and 2017, said BNA deputy governor, Manuel Dias.

Manuel Dias  was speaking to the press on the fringes of the presentation ceremony of Angola’s present economic evolution to the diplomatic body accredited in the country.

BNA deputy governor, Manuel Tiago Dias, foresees a recovery of the  Net International Reserves in view of current government efforts to regulate pending operations from 2014 to 2017.

He said the effort is also evident in the monetary policies to enable better exchange rate  between the Angolan currency (Kwanza) in relation to the US Dollar and Euro.

He also spoke of the quote due to the standardisation process of foreign exchange market launched in 2018, which allowed greater flexibility of the exchange rate.

According to the BNA official, the major effort to stabilise the foreign exchange market occurred in 2018.

This, he said, takes into account the ratio of the main macroeconomic indicators, a relative stability of the Kwanza in relation to the main currencies US Dollars  and EURO can now be observed.

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