Angola's economy, companies recovering -official

Mon Sep 13, 2010 5:24pm GMT

[-] Text [+]

* Deputy C.bank governor says "comfortable" with economy

* Companies spending more since gov't repaying debt

* FX reserves at $15.8 bln in Aug vs. $15.3 bln in July

(Changes dateline, adds details)

LUANDA, Sept 13 (Reuters) - Higher exports and oil prices have helped Angola's economy recover in 2010, while companies are spending more now that the government has started to pay off some of its debt, the deputy governor of the country's central bank said on Monday.

Ricardo Abreu also said during a conference in Luanda that higher oil prices had helped increase the central bank's foreign exchange reserves to $15.8 billion in August, from $15.3 billion a month earlier.

The increase in reserves was helping to stabilise the local currency, the kwanza, he added.

"The government began paying its bills to construction companies in July and August and today we feel more comfortable with the economy," Abreu said.

"We have also seen an increase in spending from companies in Angola." Continued...

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