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Inflation to fall sharply in Angola

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        On June 23, Angolan state news agency reported. Standard Bank expects annual inflation in Angola to fall sharply to around 16.1 percent by the end of the year, after peaking at 27.7 percent in January and falling to 24.4 percent in May.

        Angola has made substantial progress in achieving economic stability, embodied in the control and reduction of inflation, the strengthening of the national currency (kwanza), which appreciated by 28.2% against the US dollar in the first five months of the year, according to a research report published by Standard Bank. Compared with the past 12 months, it has appreciated by 49.2%. The price of oil per barrel, which has been fixed above US$100 since the beginning of the year, has played a decisive role, with high oil prices making a major contribution to the stabilization and growth of Angola's gross domestic product (GDP). Despite the impact of the Covid-19 pandemic and global measures to reduce carbon emissions, Angola has managed to boost investment in the oil sector to stabilize production, which has been falling since 2016.

        Standard Bank believes that despite the challenges, the macroeconomic situation and prospects in Angola point to a series of positive developments in the national economy.