Icolo E Bengo — Angolan President João Lourenço said on Thursday in Icolo e Bengo province that the stability of the country's currency (Kwanza) depends on the national production capacity.
Speaking to the press after the inauguration of the Casa do Kwanza, the president said that more must be produced, considering that "the strength of the currency depends on the strength of our economy," among other factors.
"Sometimes there are those who think that the stability of the Kwanza simply depends on a magic wand, when that's not the case. Gone are the days when we had an exchange rate that was invariable, so it did not matter what we produced, the rate was fixed", the president said.
The president added that this is no longer the case in market economies, and is virtually the case in economies around the world. The rates are variable and depend on a number of factors, above all the gross domestic product, what the country is able to offer for the consumption of industry and the population.
Casa do Kwanza
Speaking about the Casa do Kwanza inaugurated in the Special Economic Zone in Icolo e Bengo, the President said that it was a source of joy and pride for the country to inaugurate this facility in the year that marks 50 years of independence.
Lourenço said that the unit was needed because the functions it will perform used to be carried out in very precarious conditions at the central office of the National Bank of Angola, not only from the point of view of housing the staff who work there, but above all from the point of view of security.
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The President emphasized that the currency has to do with "our own sovereignty, and therefore its protection is not easy, but it is important and necessary".
President João Lourenço said he believes that with all the state-of-the-art technology installed in the new facilities, the currency will be better protected and better serve the economy.
This is a modern facility for the National Bank of Angola, designed to meet the growing demand for cash due to demographic growth in recent years.
With Casa do Kwanza, the National Bank of Angola has a modern facility that will make it easier to meet cash needs throughout the country.
It has five vaults with the following specifications: Pallet Strongroom, Box Strongroom, Precious Metals Strongroom, Gold Strongroom and Transition Strongroom, all fully automated and equipped with racks and robots for packaging, moving and storing cash.
Fight against corruption
The Head of State expressed the government's determination to take the fight against corruption seriously.
"The fight against corruption depends on our determination to eradicate this evil, which will never end. Corruption exists in every country in the world, what is important now is that there is no impunity, so no one has ever said that we are going to end corruption in Angola, it is almost an inglorious struggle, because there is no country that has managed to do it," said Lourenço.
The president stressed that it is important that all those arrested do not benefit from any form of impunity.AFL/ART/TED/AMP
