LUANDA, April 10 (Xinhua) -- Angola is facing "less available foreign exchange resources," Angola Press Agency reported, quoting the country's Minister of State for Economic Coordination Jose de Lima Massano, as saying Wednesday.
Speaking to the press after he visited the municipality of Matala, in the country's southern province of Huila, Massano acknowledged that 95 percent of Angola's foreign exchange income comes from oil trade, "but currently, there is a decline."
"Due to the commitments the country has made, using external financing, we have moments when we must make debt service payments, which puts pressure on foreign exchange management," he said.
The official, who is responsible for Angola's economic sector, disclosed that the National Treasury will conduct another foreign exchange sale operation this month while stressing the importance of market conditions fostering increased production and services to relieve foreign exchange pressure.
He also stressed the need for Angola to promote local production to "reduce imports and feel less need for obtaining foreign exchange."
According to data from the National Bank of Angola, the central bank, the country's international reserves totaled 14.17 billion U.S. dollars in February, covering 7.21 months of imports of goods and services.
