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Manuel Tiago Dias, the governor of Angola’s National Bank, revealed in Morocco that the central bank is actively working to maintain the current Foreign Exchange Reserves figure, standing at $14 billion USD.
During the culmination of the annual high-level joint meetings between the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, Manuel Dias emphasized the paramount importance of macroeconomic stability.
These meetings facilitated interactions between the BNA and external stakeholders, particularly the World Bank, including participation in a seminar centered on cross-border payments within the Southern African Development Community (SADC) and on the broader African continent.
The discussions also delved into the effects of inflation and currency depreciation on overall price levels.
Furthermore, Manuel Dias addressed queries regarding the central bank’s choice of exchange rate regime. He highlighted the adoption of a flexible exchange rate regime, indicating that BNA intervenes solely when a genuine market need arises, rather than structural changes. This strategic flexibility was exemplified in the months of May and July.
With the new exchange rate mechanism in place, the central bank is positioned to make informed market interventions as required.
The annual high-level joint meetings, attended by an Angolan delegation led by Finance Minister Vera Daves, marked a significant event as it brought the IMF and the World Bank back to Africa after their last meetings in Kenya in 1973. These institutions were expected to present a revised downward growth projection for the continent.
The World Bank has already projected a growth slowdown for the region, estimating a 2.5% growth rate for this year, following the 4.8% growth in 2021 and 3.8% in 2022.
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