Ver Angola

Economy

José de Lima Massano: “Today we have no register of companies with difficulties in repatriation of capital”

The governor of the central bank provided clarifications to the deputies in the scope of the discussion and voting, in general, of the proposal of the General Budget of the State (OGE) 2021, approved with votes against of the opposition.

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José de Lima Massano said that Angola has recorded "relevant" quarterly declines in the import of food goods, for which it now disburses US $ 160 million per month.

According to the governor, the country currently has international reserves that cover about 11 months of imports, pointing out that the exchange rate mechanism worked, protecting the economy.

"We do not have a register of companies with difficulties in the repatriation of capital, of gains in the country today, we do not have a register of exchange arrears as we brought from the past, we have a financial market functioning with relative stability", guaranteed Massano.

The central bank governor stressed that this exercise has allowed to create better conditions for the national economy to become more competitive, with particular emphasis on food products.

"In which we have been recording relevant quarterly declines in the import of food goods. At this time, we are going to import about 160 million dollars / month in food products and when we started the program the country imported about 250 million dollars / month ", he stressed.

According to the governor of BNA, this reduction opens space for national production, as has been seen in commercial areas, and for the growth of the economy in a more sustainable way and out of excessive dependence on external factors.

"Our economy remains very dependent on external factors, it is already consensual, it is so that any change in the level of our main export product, oil, actually ends up having an impact on our policy options," he said.

José de Lima Massano said that the second quarter of 2020 was "as bad" as what the country saw in the distant year of 2004. "It is necessary to go back to the year of 2004 to find a quarter as bad as was the second quarter of 2020 We had a double shock, on the one hand, the price of a barrel of oil that fell from $ 48.50 in the previous quarter to $ 27.2 and this quarter we also saw a fall of around five million barrels of oil in terms of production ", he indicated.

"But our shock did not end there, we also saw a drop of about 64 percent in diamond exports and for all other products and services exported, a drop of around 7 percent," he continued.

The balance of payments reflected this drop, continued José de Lima Massano, adding that there was a reversal of the surpluses that Angola had been seeing since 2018, when the macroeconomic reform program began.

"During this period, we had a drop in our current account, a deficit in the current account, close to 10 percent of GDP [Gross Domestic Product]. Therefore, a very adverse behavior that impacted our currency, which until now has registered for that reason. a drop of about 30 percent compared to the United States dollar, "he said.

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