In 2017, Angola’s foreign exchange reserves dropped by 36.08% on a year-on-year basis. This was revealed in the Inflation Report on the fourth quarter of 2017 published by the Angolan national Bank.

The report further reveals that on a quarter-on-quarter basis, the country’s forex reserves fell by 13.04% to stand at $13.29 billion at the end of 2017. “ This decline is a greater outflow of currency related to current government payments, foreign debt servicing and foreign exchange sales by the National Bank of Angola”. 

For the record, last Jan. 3, the country’s central bank governor, José Lima de Massano (photo), announced that the State was planning to float the local currency (Kwanza) to cope with dollar shortage that hits the economy.

Moutiou Adjibi Nourou (intern)