Angola: Central Bank Aims to Keep Forex Reserves Figures

15 October 2023
Angola Press Agency (Luanda)

Luanda — The governor of the National Bank of Angola (BNA), Manuel Tiago Dias, said Saturday in Morocco that the central bank is currently working to maintain the figures of the Foreign Exchange Reserves, which currently stands at 14 billion US dollars.

Speaking at the end of the annual high-level joint meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech (Morocco), Manuel Dias said the main message is the need for macroeconomic stability.

The BNA governor pointed out that during the meetings, the BNA held meetings with external managers, especially of the World Bank, where there was the opportunity to take part in a seminar, with debates on cross-border payments at the Southern African Development Community (SADC) and at the level of the African continent.

Manuel Dias stressed that the approach towards inflation and currency depreciation and their impact on the general price level were also part of the debates.

The BNA governor said there were questions about the choices made in terms of the exchange rate regime and that the central bank opted for a flexible exchange rate regime, which means that the BNA only intervenes when there is a real need to do so and when changes occur in the market on a one-off basis and not structurally, as it was seen in May and July.

Manuel Dias added that with the new exchange rate the central bank is in a position to define what action should be taken on the markets.

An Angolan delegation led by the Finance Minister Vera Daves took part in the annual high-level joint meetings of the World Bank and the IMF in Marrakech (Morocco) from October 9-14.

According to the Angola public daily newspaper (Jornal de Angola), in the meetings, which marked their return to Africa after meetings in Kenya in 1973, the IMF and the World Bank were expected to present a downward growth revision for the continent.

The World Bank has already presented its growth estimate for the region, which slows 2.5 per cent this year, after 4.8 per cent growth in 2021 and 3.8 per cent in 2022.HEM/AC/AMP

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