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Sat, 28 Mar 2020 18:06 - Updated Sat, 28 Mar 2020 18:06

BNA with reserves to import goods for eight months

Luanda - Angola's National Bank (BNA) stock of Gross National Reserves stood at USD 16.39 billion in February this year, equivalent to an eight-month degree of coverage of imports of goods and services.

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National Bank (BNA) governor, José de Lima Massano

Photo: Clemente Dos Santos

The data were released by BNA governor, José de Lima Massano during a press conference granted Friday at the end of a meeting of the Monetary Policy Committee to address, various issues, including COVID-19 on the national economy.

José de Lima Massano said the country is at a level that “still ensures some comfort”.

He stressed that a degree of reserve coverage for imports of goods and services for eight months is above the recommendations of the International Monetary Fund (IMF) and the conventions that exist at the level of the region.

The BNA governor predicted that should the oil price remains at the current level, there may be a greater aggression on international reserves, but there is also a set of measures that go towards protecting them, to ensure the external solvency of the economy.

José de Lima Massano said that the set of reforms carried out allows us to face this moment with some serenity, but with the oil price below 30 dollars, there are added challenges to any exercise of macro economic management and improving the living conditions of citizens .

From the point of view of the stability of the financial system, the official explained that the exercise carried out at the end of last year, with the assessment of the quality of assets, indicates that the vast majority of banks are strong enough to continue to operate and support the economy


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