Icolo e Bengo: Angolan President Joo Louren§o stated in the Icolo e Bengo province that the stability of the country’s currency, the Kwanza, is contingent upon the nation’s production capacity. The president emphasized the need for increased production, asserting that the strength of the currency is linked to the strength of the economy and various other factors.
According to Angola Press News Agency, President Louren§o addressed misconceptions regarding the stability of the Kwanza, noting that it does not depend on a “magic wand.” He highlighted that the era of fixed exchange rates, irrespective of production levels, is over. Instead, exchange rates are now variable and influenced by factors such as the gross domestic product and the country’s offerings to industry and the population.
The inauguration of the Casa do Kwanza was a moment of national pride, occurring during the year Angola celebrates 50 years of independence. The President explained that this new facility was necessary due to the inadequate conditions at the National Bank of Angola’s central office, particularly concerning housing staff and ensuring security. The facility, equipped with state-of-the-art technology, is expected to enhance the protection of the currency and better serve the economy.
The Casa do Kwanza, located in the Special Economic Zone in Icolo e Bengo, is a modern facility designed to address the growing demand for cash driven by demographic growth. It houses five fully automated vaults, each with specific functions-Pallet Strongroom, Box Strongroom, Precious Metals Strongroom, Gold Strongroom, and Transition Strongroom-featuring advanced technology for managing cash logistics.
On the topic of corruption, President Louren§o reiterated the government’s commitment to combating corruption earnestly. He acknowledged that while corruption is a global issue that cannot be entirely eradicated, the focus should be on ensuring no impunity for those involved. The president stressed the importance of holding those arrested accountable to reinforce the seriousness of the anti-corruption efforts.