Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

According to data from the Angolan statistics office (INE), the unemployment rate in the Q4 2019 was 31.8%, 1.7 percentage points (pp) above the previous quarter;
Retail banks acquired a total of USD 279 million in forex from the Oil and Gas Sector, according to the Angolan central bank ;
According to the Public Debt Management Unit (UGD), a total of 6.25 billion (Bn) of local currency debt was sold in February;
In the international market, the markets are experiencing a historic fall, caused by a tumble in oil prices: Brent crude is trading at values around USD 30;
Fitch lowered the rating it assigns Angola to B- (positive outlook), reflecting the impact of a lower oil production level and lower prices, coupled with a more significant than expected depreciation;

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BFA

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