• Former governor de Morais resigned after less than 18 months
  • Moody's has placed Angola's Ba2 credit rating on review

Angola’s President  Jose Eduardo dos Santos has appointed Valter Filipe Duarte da Silva as the new central bank governor after Jose Pedro de Morais resigned, the presidency said in an e-mailed statement on Saturday.

Angola, which is Africa’s second-largest oil exporter, has been hard hit by the oil price slump which has reduced government revenues and constrained growth.

Moody’s Investor Service has placed Angola’s Ba2 credit rating on review for a downgrade. The ratings agency will assess the credibility and sustainability of the government’s plans and their ability to mitigate the impact of the lower oil price on Angola’s credit standing. Moody’s expects to complete the review within two months.

The Luanda-based Banco Nacional de Angola left its benchmark rate unchanged at 12 percent on Feb. 29. De Morais was appointed in January 2015.

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