Angola’s President Jose Eduardo dos Santos has replaced the central bank Governor Jose de Lima Massano with Jose Pedro de Morais according to the information published by the official news agency Angop on its website on the 19th January.
M. Jose Pedro de Morais succeeds Jose de Lima Massano who took office in October 2010 for an indefinite period but the news agency did not specify the reasons for the dismissal of Mr Massano, which is one of the most respected bankers in Angola.
Angola’s kwanza has been weakened alongside with the currencies of other oil-exporting countries, hitting an all-time low of 103.20 against the dollar earlier this month, according to Thomson Reuters news agency.
Angola is Africa’s second-largest oil producer after Nigeria, and relies on crude exports for over 95 percent of its foreign exchange earnings.
Angola is the second largest crude oil producer in Africa. The hydrocarbon exports account for over 95% of foreign exchange earnings this Portuguese-speaking country with about 25 million inhabitants.