The decision of the National Bank of Angola to allow the kwanza to depreciate took the Angolan currency to a record low of 158.73 kwanzas per dollar on Monday, according to financial news agency Bloomberg.
Bloomberg said the low recorded Monday, the first working day of 2016, represented a 15-percent depreciation of the kwanza against the dollar, in addition to a 24-percent drop recorded in 2015.
Bloomberg said the Angolan central bank was trying to reduce the difference between the official exchange rate and prices on the “black market” in which one US dollar can be worth 270 or 280 kwanzas, about twice the official rate.
In November, the central bank began to limit access to dollars, restricting the amount offered to commercial banks following a drop of over 65 percent in oil prices since June 2014, which has drastically reduced the availability of the US currency in Angola. (macauhub/AO)