BNA: Currency Inflow Halves This Year

National Bank of Angola (BNA) issued the following announcement on July 29.

Inflow of foreign currency in Angola fell by 50% this year compared to the same period in 2019, said the governor of National Bank of Angola (BNA) on Tuesday

José de Lima Massano, who was speaking on Public Television of Angola (TPA), put the net reserves at USD 10.2 billion, accountable for 11 months of imports.

The gross product stands at USD 15 billion.

Previous joint forecast, conducted with the IMF, put the reserves at USD 8 billion. But the real figure exceeded the goal, reaching USD 10.2 billion.

Despite the drop in foreign exchange inflow, the manager considered the net reserves stable over the year. He attributed this success to exchange rate policy that adjusts to the market.

He also said that food imports decreased by 23 percent, compared to the same period in 2019.

As for the auctions, he reported that USD 50 million were sold to commercial banks on Tuesday.

The manager said that complaints about non-acquisition of foreign currency at commercial banks have dropped due to measures taken by the central bank.

Original source can be found here.