Floating exchange rate protects international reserves – PR

February 18, 2018 por Luis Dias

The Angolan head of the Executive made this statement at a meeting in the city of Moçamedes with the Namibe business class, as part of the two-day visit to that region of the country.

“We were on the verge of collapse. Our net international reserves were declining dramatically, “he said.

No State, the President continued, can responsibly look down upon this dizzying fall of reserves and stand idly by.

According to João Lourenço, the executive led by him took this step to improve the country’s economic situation in the near future.

The measure aimed to “protect, above all, the great corrosion to which our net international reserves were subject,” he stressed during the 23-minute intervention.

The Head of State informed that in a little more than a month, after the option for the floating exchange rate, it was possible to stop the corrosive tendency of the net international reserves.

As for the price of a barrel of oil, the country’s main export product, in the international market, the President considers that there are slight improvements and warns that this should not deceive us.

“We must not delude ourselves by this. It will not rise much more because the supply of oil in the world tends to increase. Salvation is to diversify our economy. ”

In the “chapter” decentralization and deconcentration of power, the President promised to subdivide the decision center, currently in Luanda.

For the President of the Republic, it is not possible for this single center of decisions to solve successfully all the problems of the country.

“We have to deconcentrate as fast as we can,” he warned.

It considers it essential to give greater power to the provinces and especially to municipalities.

He understands that it is necessary to trust people and go into deconcentration.

However, he warns that in the performance of his duties he does not act in good faith, he must be accountable.