The maturities of the bonds vary between one and four years with yields depending on the Libor interest rate, with a premium that differs between 3 and 4.5 percentage points, de Morais said.
The bonds will be sold to banks and to the public in general by the central bank, Banco Nacional de Angola.
Banks operating outside the nation will be able to purchase these bonds only if they get prior consent from the central bank.
This issuance is not exclusive to the banking system but also to all of society that has savings in kwanzas or dollars, he said. This measure is important for monetary stability and for our budget.
Banco Nacional de Angola is planning to issue bonds worth $120 million in April 2009.
World Bank senior analyst Ricardo Gazel said these bonds should help back the country’s $42 billion reconstruction programme following the end of a civil war in 2002 amid diminishing demand and revenues for its two main exports — oil and diamonds.
As oil prices remain low, government revenues decline, and new sources of financing are needed, Gazel said.
Government bonds have good acceptance in the domestic market and the government should use this instrument to partially finance its reconstruction programme.
Angola’s previous government bond, totaling $1 billion, was issued at the 2007 year-ending. The country has since then issued short term-debt in the form of treasury bills.
