Angola disregards IMF advice on exchange rate overhaul

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National Bank of Angola (pictured, foreground) to maintain current exchange rate regime, despite IMF reservations

Angolan authorities have disregarded advice from the International Monetary Fund to abandon its exchange rate peg, a report published on February 7 said. In its latest Article IV consultation with the African nation, the IMF stressed "greater" exchange rate flexibility, supported by tight monetary conditions, was "critical" in combating issues in the foreign exchange market. "The large imbalances in the forex market, if unaddressed, could lead to a disorderly adjustment of the exchange rate,