Angola beefs up currency controls to cope with FX shortage

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Angola’s central bank has cut the amount of hard currency travellers can take abroad under new rules to cope with a decline in foreign exchange reserves.

Under the rules made public late on Thursday, the bank cut the sum that can be taken abroad to $10,000 from $15,000.

Hit by a collapse in the price of crude oil, Africa’s second largest oil exporter has been depleting its reserves at a faster rate to fund imports and pay down government debt.

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Oil output represents 40 percent of gross domestic product and more than 95 percent of foreign exchange revenue. Brent crude traded below $39 a barrel this week, down more than 30 percent compared with a year ago.

 

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