New deputies for Angola’s central bank

Time of article published Feb 17, 2015

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Johannesburg - Angolan President Jose Eduardo dos Santos has appointed Cristina Dias Van-Dunem and Gualberto Lima Campos as deputy central bank governors, the central bank said.

Van-Dunem and Campos replace António André Lopes and Ricardo Viegas de Abreu, a notice on the bank's website said, without giving a reason for the changes.

Campos has held a series of government positions, recently as deputy minister for public investment, while Van-Dunem has been with the central bank for 16 years.

Dos Santos appointed Jose Pedro de Morais as central bank governor last month, replacing Jose de Lima Massano, one of Angola's most respected bankers.

Angola, which relies on oil for around 95 percent of export earnings, has been hit by a sharp drop in crude prices.

The kwanza currency has hit all-time lows on nearly a daily basis this year and was trading at 104.65 against the US dollar at 0942 GMT.

Angola has slashed its 2015 budget by around $17 billion to $52 billion to account for lower oil prices and economist have this year cut growth expectations and lifted inflation forecasts for sub-Saharan Africa's third largest economy.

Angola's central bank left its benchmark lending rate unchanged at 9 percent on February 13.

Reuters

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