• BNA’s US Dollars sales on a high

    BNA’s US Dollars sales on a high

    28.08.2014

    Direct currency sale of the National Reserve Bank of Angola (BNA) to commercial banks in the country soared last week to the highest value in the last two months.

    According to the latest weekly report from BNA on the money and foreign exchange markets in the period between August 18 and 22, that central bank sold foreign currency estimated at USD 580 million.

    According to the data disclosed by BNA, the sales were carried out in a week that ended with an interbank foreign exchange reference rate set at 97,717 Kwanzas per dollar, a 0.13 percent reduction from the previous week.

    Those foreign exchange sales by the central bank have risen to 1.610 million dollars during the three weeks of this month, according to figures from that institution. Since last May, BNA states that this currency sales volume is justified with revenue shortfalls in the oil sector and its consequences in the remaining operations, particularly given the banks’ difficulties to meet customers' requests for withdrawals in dollars, in some cases with limitations in these operations.

    The new Foreign Exchange Law for the Oil Sector and changes in dollars import regulations by banks are also pointed out as being the source of difficulties. Throughout the month of July, BNA’s direct sales amounted to US Dollars 2.350 million, similar amount to the previous month.


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