Angola will be less affected by the world financial crisis due to the fact the country's financial sector is not fully integrated yet in the international financial system, Angola's official news agency ANGOP reported on Tuesday.
Luis Folhadela, administrator of the Angolan consultant and auditing company "KPMG," was quoted as saying that the aftermaths of the current world financial crisis would have greater incidence on Angola should the stock market and the derivatives had already started operating in Angola.
There is no stock market in Angola since peace returned to the country only six years ago when the 27-year civil war ended in April 2002.
"With a financial system fully integrated in the international system, the direct consequences of this crisis would have been more serious," the KPMG official said.
But he admitted that the current situation will serve as a lesson for Angola's experts of the country's would-be market of capitals and of future stock market.
On the direct consequences in the country's banking sector, he said the acquisition of money, from international banks, is more expensive, as there is almost no liquidity in inter-banking market.
According to the official, Angola's economy depends strongly on oil export, a product seriously affected by the crisis.
Hence, he added, the crisis should be regarded by as a business opportunity for Angola to diversify its oil-based economy, paying more attention to the development of other economic fields such as agriculture and light industry.
Source:Xinhua
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