Angola’s U.S. dollar reserves sufficient for nearly one year of imports: official

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Stacks of Dollars
FILE PHOTO: Locals walk along the central bank building in the capital Luanda, Angola. June 7,2016. REUTERS/Ed Cropley/File Photo

Angola has an estimated $14.7 billion in international reserves, covering roughly 11 months of imports, the country’s central bank chief said Wednesday.

National Bank of Angola Governor Jose de Lima Massano made the announcement at the National Assembly after the MPs approved the General State Accounts for 2019.

According to Massano, the fiscal year 2019 was positive due to the growing reserves, the first time the national balance sheet landed in positive territory since 2013.

Angola’s currency, the kwanza, is appreciating at 2 percent, he said, noting that “the differential between the formal and informal market is practically inexpressive and less than 5 percent.”

Massano said that soaring world food prices is the main challenge to a country like Angola which is very dependent on imports.

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