Angola Oil Budget |

OPEC’s Angola Ditches Dollar Peg as Kwanza Falls at Auction

LUANDA (Capital Markets in Africa) – Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago. The kwanza fell 11 percent to 187.95 per dollar by 3:35 p.m. in Luanda and depreciated 10 percent to 221.75 against the euro. The move came a day after the central bank allowed the currency to weaken in its first auction of foreign exchange since announcing it would end a dollar…

Angolan parliament approves smaller 2016 budget due to low oil price

Posted on by The Editorial Team

LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

Angolan Economy – An uphill struggle in 2015 says Chief Economist, Tiago Dionisio

Posted on by The Editorial Team

Tiago Dionisio, Chief Economist with Eaglestone Securities Lower oil prices hit 2014 GDP growth and fiscal accounts Angola is Sub-Saharan Africa’s second largest oil producer after Nigeria and its economy remains highly dependent on the oil sector. Official figures show that the oil sector accounted for nearly 37% of the country’s GDP, 98% of its total exports and more than two-thirds of government revenues in 2014. As a result, it is…