Ver Angola


Central bank withdraws from intervention in the foreign exchange market

The governor of the National Bank of Angola (BNA) ruled out any intervention in the market and said that the volume of foreign exchange traded in the first months of the year was higher than expected.


Manuel Tiago Dias responded, this Friday, to questions from journalists at a press conference, after the meeting of the Monetary Policy Committee and highlighted that "in the current context, there is no need, for now, for any intervention by the BNA in the foreign exchange market".

Especially because, he continued, in the months of January and February there was an increase in foreign currency supplies on the foreign exchange market, higher than the average estimate of 600 million dollars (551 million euros) per month.

"What we can see from the results of sales in the months of January and February is that they met our expectations, they were even higher", he stated, specifying that in January 986 million dollars (905 million euros) were traded on the foreign exchange market and in February one billion dollars (918.4 million euros).

"It can be clearly seen that we are within our forecasts, which pointed to an average of 600 million dollars in the first quarter of 2024. Based on the information currently available, in the second quarter we should also have currency sales on the Bloomberg platform above of 600 million dollars", said the person in charge.

Manuel Tiago Dias also mentioned that there has been no devaluation of the kwanza in recent months.

"We have recorded a significant depreciation that occurred in the months of May and June last year and since then there has been relative stability," he said, highlighting that transactions occur freely, essentially on the Bloomberg platform, without intervention from the BNA.

As for the appreciation of the national currency, "it does not depend on administrative decisions", he highlighted. "It must be a consequence of the increase in domestic production, particularly if our country produces goods and services capable of generating revenue in foreign currency, as happens in the oil and mining sector", said the governor of the BNA, also pointing out the increase in tourists foreigners as positive.


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