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Thu, 01 Feb 2018 10:45 - Updated Thu, 01 Feb 2018 10:45

Floating exchange rate protects country's international reserves - Head of State

Moçamedes - The option of the Angolan Executive to adopt a floating exchange rate, thus replacing the fixed exchange rate system, is intended to protect the country?s net international reserves, said last Wednesday the Angolan Head of State, João Lourenço.

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The head of the Angolan Executive made this statementin Moçamedes City, capital of the south-western Namibe Province, at a meeting with local entrepreneurs, in the ambit of a two-day work visit to this region.

“We were close to a collapse. Our international net reserves were falling in a steep manner”, he disclosed.

The Angolan President went on to say that no responsible state will just observe inactively this steep fall in international reserves.    

  

According to João Lourenço, his Executive has taken such measure with a view to improving the country’s economic situation in a near future.

He said the measure is mainly intended to protect the country’s net international reserves from the “corrosion” process they were suffering.   

He went on to say that in just over a month since the floating exchange rate was adopted it was possible to stop the “corrosive trend of the net international reserves”.

As regards the international price of the crude-oil barrel, Angola’s main exportation product, the president defended that there are slight improvements, warning however, that the country must not be deceived by such trend.  

“We must not let ourselves be deceived by that. It (crude price) will not go up too much because the oil output in the world tends to increase. The salvation is to diversify our economy”, explained the Angolan Head of State.

João Lourenço also reiterated the plan to strengthen the decentralisation process, with a view to relieving Luanda (capital) as the main decision centre, aiming for major efficacy in sorting out people’s problems.  

However, the Head of State warned public servants and state officials that in the decentralisation process all those occupying public posts (in local or central administration) are required to act in good faith and be conscious of accountability.  

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