Gross international reserves (reservas internacionais brutas) held by the Banco Nacional de Angola (BNA) stood at approximately $15.31 billion as of late 2025, providing an estimated 7.87 months of import cover. That figure represents the largest buffer available to the central bank since the early years of the oil price collapse, and it is the single most important anchor supporting the current managed-float exchange rate regime. Without adequate reserves, the BNA’s twice-weekly FX auctions would lack credibility, the parallel market premium would re-emerge, and the entire post-2019 reform framework would come under existential pressure.
From $32 Billion to $15 Billion: A Reserves History
Angola’s reserves trajectory mirrors the boom-bust cycle of its oil-dependent economy with striking fidelity.
The accumulation phase (2008-2013). Brent crude averaged above $100/bbl for most of this period, and Angola was producing 1.7-1.8 million barrels per day. Dollar inflows were massive, and the BNA accumulated reserves rapidly while simultaneously defending the fixed peg at 96-100 AOA/USD (later adjusted to 166). Reserves peaked at approximately $32 billion in mid-2013, representing roughly 10-11 months of import cover.
The drain (2014-2017). The collapse in oil prices from above $110/bbl in June 2014 to below $30 in January 2016 was catastrophic. Export receipts roughly halved while the government’s fiscal deficit widened sharply. The BNA chose to defend the fixed peg, which meant selling dollars from reserves to meet demand at the official rate – a losing proposition when oil revenue could no longer replenish the buffer. Reserves fell to approximately $17 billion by end-2017, a decline of nearly $15 billion in four years.
The IMF stabilization (2018-2020). Angola’s $3.7 billion Extended Fund Facility with the IMF, approved in December 2018, included direct balance-of-payments support and – critically – conditionality that forced the FX liberalization that ended the reserve-draining defence of the peg. Reserves stabilised in the $15-17 billion range as the kwanza’s depreciation reduced the BNA’s need to sell dollars.
The oil windfall and recovery (2021-2022). Surging oil prices above $100/bbl following the 2022 Russia-Ukraine conflict generated a temporary reserves boost. The BNA was able to accumulate reserves while allowing the kwanza to appreciate – a rare luxury.
The current level (2023-2026). Oil price moderation to the $70-80/bbl range and continued external debt service brought reserves down from their 2022 recovery levels to the current $15.31 billion. Crucially, improved import compression and reduced debt-service obligations following successful Eurobond liability management have improved the reserves-to-imports ratio even as the absolute dollar figure declined.
| Year-End | Reserves ($B) | Import Cover (Months) | Brent Avg ($/bbl) |
|---|---|---|---|
| 2013 | ~$32.0 | ~10-11 | 108 |
| 2015 | ~$24.4 | ~8 | 52 |
| 2017 | ~$17.0 | ~5-6 | 54 |
| 2019 | ~$17.2 | ~7 | 64 |
| 2021 | ~$14.7 | ~7 | 71 |
| 2022 | ~$14.5 | ~8 | 100 |
| 2024 | ~$15.0 | ~7.5 | 80 |
| Late 2025 | ~$15.31 | ~7.87 | 73 |
Composition and Quality
Angola’s reserves are predominantly denominated in US dollars, reflecting the fact that oil exports – which constitute over 90% of total export revenue – are priced and settled in dollars. The composition includes:
- Cash and liquid deposits held at correspondent banks and international financial institutions
- US Treasury securities and other highly rated sovereign bonds
- IMF Special Drawing Rights (SDR) allocations, including the $1.4 billion general allocation distributed to all IMF members in August 2021
- Gold holdings, which remain a small share of the total (the BNA holds approximately 19.4 tonnes of gold, worth roughly $1.2 billion at current prices)
The quality of reserves matters as much as the headline number. Reserves that are encumbered by collateral arrangements, swap lines, or other contingent liabilities have lower effective usability. Angola has historically used oil-backed borrowing (notably from China), and the extent to which reserves are unencumbered is not fully transparent from public BNA disclosures.
Adequacy Assessment
The IMF’s standard reserve adequacy metric (the ARA metric) considers import cover, short-term debt, broad money, and export volatility. By the simplest measure – months of import cover – Angola’s 7.87 months is comfortably above the conventional 3-month threshold and above the IMF’s recommended range of 5-7 months for commodity exporters with managed exchange rates.
However, several factors warrant a more nuanced assessment:
Positive factors. Angola’s capital account is only partially open, reducing the risk of sudden capital flight that could rapidly deplete reserves. The USD/AOA rate is market-determined rather than pegged, meaning the BNA does not face the binary choice of defending a fixed rate or surrendering it. The parallel market premium below 5% indicates the current rate is sustainable without heavy intervention.
Risk factors. Angola’s extreme concentration in oil exports means reserves are vulnerable to a single commodity shock. A sustained Brent price below $60/bbl would simultaneously reduce inflows and increase pressure on the BNA to supply dollars at auction. External debt service, though reduced from peak levels, remains a significant claim on dollar reserves. Additionally, the true level of unencumbered reserves may be lower than the gross headline figure.
Reserves and the FX Regime
For investors in Angolan government bonds and other kwanza-denominated assets, reserves serve as the ultimate backstop against convertibility risk. The 2015-2017 experience demonstrated what happens when reserves become inadequate: the BNA rations dollar supply, the parallel premium explodes, and foreign portfolio investors find themselves trapped in kwanza that they cannot convert.
The current reserves level of $15.31 billion, combined with the regulatory protection provided by Aviso 15/2019 (which exempts capital markets transactions from the Contribuição Especial sobre Operações Cambiais), provides a credible basis for foreign participation in Angolan markets. However, investors should monitor reserves on a monthly basis, with particular attention to the trajectory rather than the absolute level. A decline of more than $2 billion over a six-month period without a corresponding decline in imports would be an early-warning signal of stress.
The BNA publishes reserves data with a lag of approximately one month. For the latest available data and trend analysis, see our FX overview dashboard.