ANGOLA: SALE OF FOREIGN CURRENCIES INSUFFICIENT FOR COUNTRY’S NEEDS

The monthly amount in the order of three hundred million dollars that the country gets from the sale of foreign currencies by foreign oil companies to change into kwanzas is far from the country’s current needs.

This was disclosed by the President of the ruling MPLA party, Jose Eduardo dos Santos, at the opening of the fourth extraordinary session of its Central Committee.

Dos Santos added that the referred amount is “insufficient for the needs of the banks and for the state budget as well”.

MPLA President underlined for this reason that the increase in exports of other products of the country is an urgent task so as not to continue to depend just on oil.

In this context, he mentioned, commercial banks should have clear and efficient regulations for the national exporter to know how to deposit and deal with their savings in foreign markets.

The Central Committee of the ruling MPLA party held its fourth extraordinary session in preparation of the Seventh Congress of the Party, set for next August.

Source: Nam News Network