Devaluation View Playing Out

BMI View: We believe that the 5.0% devaluation of the Angolan kwanza - a move we have been predicting - could prove sufficient to alleviate the pressure stemming from poor oil revenues, given an improved outlook for oil and the government's plans to issue US$8bn of debt. However, we acknowledge the risk of a further devaluation, and present various macroeconomic scenarios.

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