Business
Angola Forex Reserves Fall To $26.57bn
Angola’s foreign exchange reserves fell to 26.57 billion dollars in February from 27.13 billion dollars in January, the central bank said in a statement posted on its website on Tuesday.
Angola, which is Africa’s second biggest oil producer after Nigeria, depends on oil exports for over 90 per cent of its foreign exchange earnings.
As at February 2012, to Angola’s foreign exchange reserves jumped by 44 per cent to 25.02 billion dollars at the end of 2011 from 17.33 billion dollars at the end of the previous year.
Reserves rose from 23.27 billion dollars at the end of November 2011, it added.
Massano said in a speech published on the central bank’s website that foreign reserves grew then to 33.5 per cent from the end of last year, when they stood at 17.3 billion dollars.