Monetary Policy Committee reveals a drop in export revenues, but also an expansion of more than 1.4% in credit to the economy and International Reserves exceeding seven months of imports
Angolan exports registered a drop of 32.12%, leading to a reduction in export revenues of around US$13.92 billion, according to data presented during the Monetary Policy Committee of the National Bank of Angola (BNA).
As a consequence, the supply of currency in the foreign exchange market stood at 8.43 billion dollars, a reduction of 28.66% compared to the amount transacted in the same period last year.
But, despite the disruption and a drop of 12.33 billion dollars in the goods account, it maintained the surplus balance of the goods account, standing at 16.83 billion dollars in the first ten months of 2023. The value is lower than the 29.16 billion dollars recorded in the same period of the previous year, as it fell 42.27%, but it is still in positive territory.
On the other hand, International Reserves, says the National Bank, correspond to seven and a half months of import coverage for goods and services. There are 14.2 billion dollars available in the International Reserves stock of the National Bank of Angola at the end of October, as evidenced during the Monetary Policy Committee, which took place recently.
BY: Ladislau Francisco
