Angola ba ling cash crunch

Angola’s banks face a liquidity crunch due to a shortage of foreign currency, said the head of the nation’s banking association yesterday, but added that he is unaware of requests by lenders for a state-funded bailout.

With crude at $55 (about R744) a barrel, down from over $100 in mid-2014, Angola is starved of dollars and the national currency, the kwanza, has collapsed.

Inflation in a country that imports almost everything has risen drastically.