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International Monetary Fund

on Friday, April 30, 2010 on Sonangol’s website. The audited financial statements of the National Bank of Angola (BNA) for 2008 were published on Wednesday, April 28, 2010 on the BNA’s external website: these are accompanied by the external auditor’s signed audit opinion. Indications are that the audit of the BNA’s financial statements for 2009 is substantially completed: staff is to confirm the precise status of the audit and the audit results in a dialogue with the external auditors on Friday, May 7. Program Performance: Preliminary data on the

International Monetary Fund

foreign exchange auctions and yield a more market-determined exchange rate. A series of measures to enhance liquidity management and keep monetary policy tight are being implemented by the BNA to support the goal of further normalizing conditions in the foreign exchange market. Strengthen debt management capacity while allowing an increase in Angola’s program external debt limit to finance basic infrastructure projects in line with the authorities’ rehabilitation program. Reduce fiscal risks by steadfastly implementing the expenditure restraining measures in the

International Monetary Fund

The long-standing peg of the guilder to the US dollar has served the Antilles well and it remains the appropriate anchor for the Bank van de Nederlandse Antillen (BNA). The depreciation of the dollar and thereby the guilder vis-à-vis the euro since 2005, together with increasing world food and energy prices and the expansion of domestic demand, has however resulted in an upward path for inflation. On the basis of the most recent data from the islands, it is likely that inflation could reach 6.0%-6.5% by the end of 2008. Given the peg to the dollar, the BNA changed