Angola to cut down tariff after strong increases

Angola is mapping out series of measures to cut down its tariff to meet the changing economic situations in the country.
Armando Mateus da Rose, director of the National Customs Bureau said that the tariff cut is being carried out in accordance with actual hike of tariff after the marginal devaluation of kwanza, the local currency, which has been subjected to floating exchange rate system.
The actual rise of tariff after the kwanza devaluation, the customs official said, has ended in two negative impacts: the higher tariff has stock-piled imported goods after many importers find it hard for them to pay the rocketed tariff; the raised prices has brought difficulties to general citizens and more rampant smuggling activities.
The measures to be taken on tariff cut, Rosa said, is to ensure a healthy economic development and secure that people's living standard is not affected, but he did not specify how much will the tariff be lowered.
The kwanza was devaluated by almost two thirds after the government announced a floating exchange rate system on May 21.

Angola is a resource-rich country, with crude oil and diamond as its main export products, and heavily-dependent on import for daily necessities.