The main objectives of the country’s Macro Economic Stabilisation Plan, underway since 2018, have been achieved within the framework of the control of inflation of the foreign exchange market and Net International Reserves (NIR).
This was confirmed Wednesday by the governor of the National Bank of Angola (BNA), José de Lima Massano.
The manager said that in the last four years several corrections were made in the foreign exchange market, surpassing an inflation of 42 percent to levels around 18%.
The official predicted that the inflation will stand at between nine and 11% in 2023.
He said that the institution adopted measures to lower and control the inflation.
Among the measures, he said the BNA stopped using international currencies as an anchor, starting to work with monetary targets.
Addressing a round table, at the first edition of the Angola Economic Outlook (AEO), jointly sponsored by the Ministry of Economy and Planning and the magazine Economia and Mercado, José Massano considered the international reserves strong and balanced.
“The reform programme allowed raising international reserves, from 5 billion to over US$13 billion, a fact that guarantees more than six months
of imports of goods and services”, he reiterated.
The governor, who mentioned the 2014 indicators, pointed to deficits in terms of the balance of payments, where export earnings were not enough to cover imports of goods and services, in a fixed exchange rate scenario.
“This fact promoted the degradation of international reserves, in a drop of around 50%, due to the fixed exchange rate, estimated at 5 billion dollars.
Source: Angola Press News Agency (APNA)