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Angola: Capital Market Necessary for Economic Consolidation- Premier's Assistant
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Angola Press Agency (Luanda)
9 May 2008
Posted to the web 9 May 2008
Luanda
The Angolan Premier's assistant minister, Aguinaldo Jaime, on Thursday evening in Luanda said that the capital market is an important instrument for the consolidation of the country's economic development and growth.
Aguinaldo Jaime, who was delivering a lecture, at a dinner-conference, on the theme "Capital Market", underlined the fact that this financial system enables the financing of multiple sectors, the approximation between savers and investors, as well as the attraction of saving for medium and long term loans.
"Many economies, mainly in Africa, do not yet have structured capital market. Angola wants to be different. We also want to have a bond market", said the government official to an audience that was mainly made up of jurists, economists, entrepreneurs, law and economics students.
A lot has already been done, he added, but there are still many tasks to carry out to make the capital market operational.
Aguinaldo Jaime also referred to the development of the national currency, which is now becoming a store of value and the preferential unit of exchange of goods and services.
"Due to the financial instability there were times in which the national currency (Kwanza) did not play that role. In 2001 we had an inflation rate of 116 percent, ( ) in 2007 we reached the lowest ever with 11.7%", he reminded.
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After that, he explained, there was a 0.19 per cent valorisation of the national currency in the formal market in relation to the US dollar.
According to him, this stable behaviour of the currency, which results from the government's economic policy, enabled the Kwanza to play its role as a store of value, thus giving a boost to the Angolan economy.
The dinner-conference held in Luanda's Tropical Cinema also served to present the book "Pensar Direito, volume II" (Thinking Law), by the Angolan jurist Lazarino Poulson, and the Angolan Law Magazine (RAD), released by the "Casa das Ideias" publishers, who also promoted this event.
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