Angolan central bank sells $300 million to commercial banks


Angola’s central bank or the National Reserve Bank (BNA) sold a total of 300 million U.S. dollars to local commercial banks from March 30 to April 2 this year in a move to alleviate the acute shortage of foreign currencies in the local financial markets, the bank’s website reported on Monday.

banks hall
banks hall

The central bank sold the dollars at a rate of 109,059 kwanzas to one U.S. dollar in the transaction, according to the website.
During the same period, the BNA also released into the market 9. 6 billion kwanzas worth of treasury bonds, of which 7.4 billion kwanzas in treasury bills and 2.2 billion kwanzas in securities, which were traded in the maturities of 2, 3, 4 and 5 years on respective interest rates of 7.0 percent, 7.25 percent and 7.77 percent a year.
The average interest rate for the Treasury Bills was 6.78% with maturities of 364 days, or 0.86 percent less than the previous week.
Angola planned to sell a total of 20 billion dollars in treasure bonds this year to counter the impact of falling oil prices in the international market upon its oil-dependent national economy.
The falling oil prices also resulted in an acute shortage of the green backs and other hard currencies in local banks, causing immense difficulties for foreign companies operating in Angola to withdraw U.S. dollars and other hard currencies from local banks. Enditem

Source: Xinhua

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