Macroeconomic Forecast Angola

With oil prices holding up at around US$75.00, and demand for Angola's crude oil still strong, we expect the Banco Nacional de Angola (BNA) to continue building reserves over the course of 2010. We have set an end-year target of US$14.0bn, which represents a 17% rise from November 2009 levels of around US$12.0bn. When considering our forecast, we have also incorporated the impact of disbursements from the IMF as part of Angola's Stand-by arrangement signed in December 2009.

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