From Bloomberg/Written by By Colin McClelland and Manuel Soque

Angola named former Finance Minister Jose Pedro De Morais as governor of the central bank, seeking to reassure markets as oil prices plummet.

Morais, 59, took over as head of the Banco Nacional de Angola from Jose De Lima Massano, Amelia Borja, media director at the bank, said on Friday by phone from the capital, Luanda, without providing more information. Massano, who was governor from October 2010, asked to resign, state-run news agency Angop reported yesterday, citing a government statement.

Oil prices have slumped by more than half since June, slashing revenue in Africa’s second-largest crude producer. That’s forced the government to reconsider construction projects and budget targets.

Morais, who was finance minister from 2002 to 2008, “is respected internationally” and “played an important role in designing Angola’s initial post-conflict economic policy,” Alex Vines, head of the Africa program at Chatham House in London, said in an e-mailed reply to questions. “His appointment is clearly aimed at reassuring the markets as oil prices fall and seriously impact Angola’s finances.”

 

 

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