Angola

Angola's Central Bank Infuses $150 Million in Foreign Currency to Local Banks

13 days ago

In a bid to stabilize the national currency and foster greater liquidity within the financial sector, the Central Bank of Angola has announced the injection of $150 million in foreign currency into local financial institutions. This strategic maneuver is aimed at rejuvenating Angola's economy, which has faced its fair share of challenges, including fluctuations in oil prices and a depreciating local currency, the kwanza.

Angola's Kwanza Predicted to Hold Steady Amid Economic Stability

1 month ago

Angola's central bank has projected that the national currency, the kwanza, will maintain its stability through the end of 2024. This optimistic outlook is rooted in proactive measures taken by the Angolan government to safeguard the economy and mitigate inflationary pressures. The optimistic sentiment mirrors Angola's broader economic strategy aimed at sustaining growth and fostering investor confidence.

Angola Maintains Key Interest Rate at 19.5% to Combat Rising Inflation

1 month ago

In a decisive move to tackle the soaring inflation that has gripped the nation, the Central Bank of Angola has announced its decision to hold the benchmark interest rate steady at 19.5%. This decision comes amid ongoing economic challenges and is aimed at stabilizing the financial landscape of the country.

Angola Faces Oil Demand Dilemma as December Crude Remains Unsold

1 month ago

Angola, the second-largest oil producer in Africa, is currently grappling with a troubling situation as an unprecedented amount of crude oil designated for December has yet to be sold. This unsold oil, indicative of shifting market dynamics, particularly points to decreasing demand from one of its largest customers—China. The implications of this unsold crude reverberate not only throughout Angola’s economy but also across international oil markets.

Angola Considers New Lending Programs from IMF to Boost Economy

2 months ago

In a strategic pivot towards international financial assistance, the Angolan government has announced it is exploring various options for engaging with the International Monetary Fund (IMF) to secure a lending program. This move comes as the nation grapples with the effects of an economic downturn, driven by fluctuations in oil prices, ongoing fiscal challenges, and the need for sustainable development strategies.

Biden’s Upcoming Visit to Angola Expected to Spur Investment Boom

3 months ago

Angola is gearing up for an influx of major investments following U.S. President Joe Biden's announcement that he will visit the African nation before the year is over. The effort represents a defining moment for Angola as it looks to deepen its economic relationship with one of the world's largest economies.