Ver Angola


International liquid reserves still cover 11 months of imports, admits BNA

The governor of the National Bank of Angola said Wednesday in Luanda that net international reserves, at 10.2 billion dollars, still cover 11 months of imports.


José de Lima Massano responded in the National Assembly to the concerns raised by Members of Parliament during the discussion and approval in general of the revised State General Budget proposal for the 2020 financial year.

According to the head of the Angolan central bank, monetary policy will continue to be conducted with a view to eliminating the imbalances that the external accounts had been presenting.

"In 2018 we already managed to have positive balances in the balance of payments current account, around 7 percent of GDP (Gross Domestic Product), we registered positive balances again in 2019, around 6 percent of GDP and in this challenging year of 2020 we will try to maintain the same pace, having the exchange rate as an adjuster," he said.

At this time, the governor of the BNA continued, still with the sense of balance in the external accounts, the net international reserves stand at around 10.2 billion dollars.

The governor reaffirmed that the Angolan central bank will continue to conduct monetary policy with pragmatism and realism in order to contain the slowdown in the pace of price growth in the economy, a process that began in 2018, in which inflation stood at 18 percent, falling to 17 percent in 2019, with an increase of 25 percent expected this year.

February, March and April saw a sharp pace of growth, but in June there was a slowdown in the pace of price growth, indicated José de Lima Massano.

"In other words, prices continue to grow, but at a slower pace. We have an accumulated of the first six months of the year, according to data from the National Institute of Statistics, of inflation around 11.8 percent," he said.

On the subject of price speculation, Victor Fernandes, the Minister of Industry and Trade, said that all inspection bodies are focused on ensuring that there is no speculative trend related to the decrease in stocks.

"So far we are monitoring and the record we have of the operators is that at the moment the situation is still within normal limits", he said.

Victor Fernandes said that due to the covid-19 pandemic some of the main suppliers are also worried about their stocks and at the level of the Ministry of Commerce, because there is still a great demand from imports for the food stock, the attention is great regarding supplies from abroad.

"So we are following very closely the movements that indicate some situation of weak supply capacity in order to quickly control what is our food stock," he said.


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