Macroeconomic Forecast Angola

In a sign of the country's recovering external position, Angola's foreign exchange reserves rose to US$13.78bn in March 2010, up from Us$12.01bn at the beginning of the year. Working with average import volumes from 2009, this represents 8.5 months' import cover, comfortably above minimum acceptable level of 3.0 months commonly cited by the IMF and other international organisations. Although we expect reserves to continue building over the course of 2010, this will depend crucially on oil prices holding up at or around current levels of US$70.00/bbl.

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