8 February 2013

Angola: Economic Commission Discusses Memo On Monetary, Exchange Rate Markets

Luanda — The Economic Commission of the Angolan Cabinet Council last Thursday in Luanda analysed matters relating to the Memorandum on the monetary and exchange rate markets, external accounts, the Treasury annual financial programme for 2013, the cash flow budget for February and the assessment on the banking sector's development strategy.

This information is contained on a press communiqué released at the end of the meeting of the Cabinet's Economic Council, which took place under the chairmanship of President José Eduardo dos Santos.

The same source states that the Economic Council also analysed the draft Executive Decrees on the instructions to elaborate the assessment on the National Plan tools and on the procedure to assess the state of execution of projects in the ambit of the Public Investments Programme (PIP), as well as the report of the pilot population census, the memorandum on the assessment of the Stand-by Agreement with the International Monetary Fund (FMI), the merger of the Customs Warehouse and the development plan for the south-eastern Kuando-Kubango Province.

As regards the monetary and exchange rate markets, as well as the external accounts, for the period that goes from 21 to 25 January, it is highlighted the increase in the oil price (Brent) to 1.24%, meaning

that it is now being sold at the price of USD 113.3 per barrel.

The note informs that the Net International Reserves decreased 0.47%, meaning USD 30.964 million and the exchange rate for the dollar suffered a depreciation of 0.02% and 0.11% in the primary and secondary markets, respectively, being established now at AKz 95.9 and AKz 97.3, while in the informal market it was observed an appreciation of 0.08% (AKz 105.1).

The same note informs that in its operations in the exchange rate market, the National Reserve Bank (BNA) sold to commercial banks foreign currency amounted at USD 300 million.

In the same meeting, the Economic Commission also passed the 2013 Financial Programme of the Treasury, having equally ratified the Cash Flow Budget for the month of February, among other decisions.

The Executive's economic team were equally informed about the end of mission report of the International Monetary Fund (IMF) issued on January 29, having the IMF congratulated the Angolan government for the economic growth being recorded in the country and the good results of its financial and exchange policies.

In the same report, the IMF recommends the Executive to carry out an analysis on the cost and benefits of the different sources of financing and the need to speed up the institutional reform process.

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