Oil and Gas

After two weeks of recording minimums of the year, the Angolan National Reserve Bank (BNA) has strengthened the sale of foreign exchange, more than doubling the amount of euros sold on Oct. 2-6.

According to data on its website, the central bank made available 111.9 million euros, 107.4 million of which went to oil sector.

The remaining 4.5 million euros was used to cover operations in the telecommunications sector.

Meanwhile, the reference average exchange rate on the primary foreign exchange market, as calculated by the BNA at the end of last week, remained unchanged at 166.747 kwanzas to one U.S. dollar and at 186.301 kwanzas to one euro.

Angola’s net international reserves, which dropped to the lowest point in seven years in August, now stood at 15.609 billion dollars.

Since the start of the major downturn in oil prices, Angola’s international reserves have fallen by about half.

According to the World Bank, oil exports in the last 10 years accounted on average for 97 percent of Angola’s total exports. Enditem

Source: Xinhua/NewsGhana.com.gh


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