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International Monetary Fund
The ending of the civil war has brought to the fore the need to reconstruct the Angolan economy and address the problem of widespread poverty. A strong medium-term fiscal adjustment effort, including a reduction of the National Bank of Angola's operational deficit, is needed. The government should pursue a much more prudent foreign borrowing policy to avoid a worsening of the external debt burden. A tighter macroeconomic policy accompanied by a decisive structural reform is needed to foster economic diversification, create employment opportunities, and increase productivity.
International Monetary Fund

) 360 395 428 … … Gasoline 105 117 103 … … Fuel oil 63 54 80 … … Jet fuels 300 314 316 … … Kerosene 51 53 45 … … Gas (liquefied petroleum gas) 57 54 52 … … Other 14 16 21 … … Exports 3/ 889 832 791 … … Net change in stocks -21 121 139 … … Sources: Ministry of Petroleum, Sonangol (state-owned oil company), National Bank of Angola, and staff estimates. 1/ As reported in balance of payments

International Monetary Fund
Several years of high inflation rates have negatively affected economic conditions in Angola. Macroeconomic stabilization in Angola entails strict control over central bank credit to the government, an ending of the quasi-fiscal expenditures, and a reduction of the national bank of Angola’s deficit. Reserve adequacy is an important factor for stable economic development and management. This note reviews some of the main challenges faced by Angola's policymakers in launching a credible subsidy reform, and also reviews the sources and uses of state oil revenue in Angola.
International Monetary Fund

.30 Other claims and liabilities 2.80 0.94 -0.03 Growth of base money (in percent) 218 234 118 Sources: National Bank of Angola (BNA); and Fund staff estimates. 1/ Flows after adjustment for valuation changes on foreign-currency denominated stocks 2/ Includes currency in circulation and Kwanza-deposits of commercial banks in the BNA 33. In 2002, base money expanded by 118 percent. Currency in circulation increased by Kz 13.8 billion and the kwanza deposits of commercial banks at the BNA by Kz 3.2 billion. The main sources

Mr. Alexander Y Kyei and Nir Klein
In recent years, the decline in inflation in Angola has stalled and further steps may be needed to attain the authorities' medium term goal of meeting the Southern African Development Community (SADC) convergence criteria of a low single digit inflation rate. A Vector Error Correction (VEC) model, which analyzes the factors that affect the inflationary process in Angola, suggests that the inflation path has been largely affected by exchange rate movements. This implies that greater exchange rate flexibility that facilitates a gradual appreciation would be instrumental to moderate price growth through reducing the price of imports and limiting liquidity injection by the National Bank of Angola (BNA). Additionally, the analysis shows that excess liquidity, which is measured by positive deviations of M2 from its equilibrium level, adds to demand pressures, and contributes to inflation with a lag. This underlines the importance of closely monitoring the growth of monetary aggregates as well as improving liquidity management.
International Monetary Fund

Titlepage Angola’s financial situation is very weak. Budgetary execution in 2002 was hampered by the weak monitoring of revenue flows between oil companies and the Treasury, and the absence of public expenditure management controls. The fiscal deficit more than doubled between 2001 and 2002, reaching 9 percent of GDP; and the operational deficit of the National Bank of Angola (ENA) increased. As a result of lax monetary policies, the annual inflation rate is above 100 percent. The import coverage of gross international reserves has fallen to less than one