lower crude prices and a drop in government revenue put pressure on state coffers. Managing foreign currency shortages will remain a key policy challenge for Sub-Saharan oil exporters. Angola have been most affected by dollar scarcity and local currency weakness. Despite these challenges, banks in Sub-Saharan Africa generally maintain high capital buffers and their profitability is robust.
Angola foreign exchange shortage
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In the regions banking sector, banks. We entrepreneur work from home jobs all know that banks are facing foreign exchange liquidity problems in, angola. In recent quarters, dollar rationing, currency devaluation and foreign currency borrowing by governments have stemmed the fall in foreign exchange reserves in, angola and Nigeria. The central bank, which raised interest rates by 500 basis points last year as inflation hovers around 40 percent, said last year it expects inflation to ease in 2017. If the government or central bank intervenes, it should be in the form of credit to be paid back later, said Silva. The financial and liquidity reality only will be known when the banks release their 2016 yearly corporate and financial reports soon, he added. Angola s central bank has cut the amount of hard currency travellers can take abroad under new rules to cope with a decline in foreign exchange reserves. Hit by a collapse in the price of crude oil, Africas second largest oil exporter has been depleting its reserves at a faster rate to fund imports and pay down government debt. The stabilisation in oil and commodity prices over recent months will help to ease the pressure, but any recovery will depend on continued higher prices and could take some time.
Prices are range-bound as investor worries about the outlook for demand compete with looming sanctions against Iran.
Foreign Currency Crisis Tells The Story.
Angola s Economic Peril.
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