Angola: European Currency Sale Drops in Last Three Years - BNA

Luanda — Sales in Euros to commercial banks fell from 10.9 billion in 2017 to 780.5 million Euros in 2020, reflecting a sharp reduction of the European currency in the foreign exchange market.

In this period, BNA did not sell dollars in the market, due to the suspension of the correspondence relationship with American banks, by decision of the American Treasury.

The situation forced the Angolan Central Bank to focus on the foreign exchange market, with stress to the European currency, the Euro, said the head of the BNA's Statistics Department, Joel Futi.

In 2017, the sales in Euros to banks stood at 10.9 billion (USD 12.2 billion), whereas in 2018, this figure increased by 11,4 billion Euros (USD 13.4 billion).

With return of the situation to normal, "especially now that correspondence relations have been restored", the Dollar, the reference currency in Angola, returned to the domestic market in 2019.

Sales in the following year stood at USD 8.25 billion, which represents a reduction of 1.1 billion compared to 2019.

Of the various movements recorded in 2020, BNA sold USD 3.4 billion to commercial banks; to the National Treasury (on the Bloomberg platform) USD 965 million; to oil companies USD 2.4 billion; and diamonds USD 494.5 million.

In this period, BNA did not sell dollars in the market, due to the suspension of the correspondence relationship with American banks, by decision of the American Treasury.

The situation forced the Angolan Central Bank to focus on the foreign exchange market, with stress to the European currency, the Euro, said the head of the BNA's Statistics Department, Joel Futi.

In 2017, the sales in Euros to banks stood at 10.9 billion (USD 12.2 billion), whereas in 2018, this figure increased by 11,4 billion Euros (USD 13.4 billion).

With return of the situation to normal, "especially now that correspondence relations have been restored", the Dollar, the reference currency in Angola, returned to the domestic market in 2019.

Sales in the following year stood at USD 8.25 billion, which represents a reduction of 1.1 billion compared to 2019.

Of the various movements recorded in 2020, BNA sold USD 3.4 billion to commercial banks; to the National Treasury (on the Bloomberg platform) USD 965 million; to oil companies USD 2.4 billion; and diamonds USD 494.5 million.

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