Angola currency rises 48.3 pct against US dollar in four years

6 September 2007

Luanda, Angola, 6 Sept – Angola’s national currency, the kwanza (Akz), over the last four years has risen in value against the US dollar by some 48.3 percent, Brazilian economist Paulo Óscar França said in Luanda Tuesday.

Speaking on investment opportunities between Angola and Brazil at a seminar held as part of the celebration of 185 years of Brazil’s independence, on September 7, França said the kanza had risen in value from 79.2 Akz per dollar in 2003 to 74.97 Akz in June 2007.

According to the economist, in the same period, the Consumer Price Index of the Angolan capital, Luanda, had seen a rise of some 83.4 percent.

He said that this rise, along with the around 60 percent growth of the Gross Domestic Product (GDP), had contributed to reducing the rhythm of growth of inflation, without having to implement a radical monetary policy. (macauhub)