José de Lima Massano, who until the beginning of this month was governor of the National Bank of Angola, was speaking to journalists after visiting some industries in Luanda.
Asked by Lusa about the sharp drop in the kwanza in the last month and its effects on the Angolan economy, the official said that the Angolan currency had experienced a slight appreciation in the last two days.
He underlined, on the other hand, that the scenario of devaluation is not limited to Angola, having manifested itself in other emerging economies such as South Africa and Nigeria, and even in China.
"In our case, we had a sharp drop in supply and the market had to reposition itself", so it is now "finding a new balance".
For Massano, only by putting the "economy to work" will it be possible to put an end to these cycles.
"There is no capacity to suddenly increase exports, nor to pressure the price of a barrel of oil upwards, nor to increase oil production", he highlighted, stressing that Angolans have to hold on to what is within their reach.
"We are going to continue (dependent on) cycles if we are not able to meet the most pressing needs of society with local production, it is necessary to roll up our sleeves and get our economy working", he warned.
As to whether an intervention by the BNA is necessary to halt the kwanza's decline, he preferred not to comment, but said that the level of international reserves "advises prudence".
"There are specific measures that could be taken by the central bank, we'll see. On the executive's side, what we have to do is ensure what's within our power to make the economy more dynamic", he replied.
Regarding possible administrative measures that repress demand, he considered that they do not solve the problem: "the market is finding its balance, we had a sharp reduction in supply, around 40 percent, what we are currently witnessing is the new normal, that's probably what we're going to have until the end of the year from a supply point of view".
On the other hand, the current behavior of the foreign exchange market, with a slighter change in the currency, could indicate that it is "very close to the new equilibrium rate", stressed the minister.
"This is a market that works with its balances – supply and demand – we are not in a position to cause major changes in terms of supply, to increase supply, what we have to do is to put our energy into putting our country to move forward, producing", said Massano.
The minister added that the country is unable to import millions of dollars worth of basic basket products every month because "it is not sustainable."
"As we have said on other occasions, we have arable land, we have a good climate, we have people to work with, we have the will, we have to gather these skills and put ourselves in the field to make it happen", reinforced the leader.
If this path is not followed, he warned, Angola will continue to depend on cycles, especially the price of oil.
"When part of the revenue that is captured in fiscal terms is used to repay the external debt, we are going to have these difficulties, the country has to get out of this situation definitively", concluded Lima Massano.
