Angola’s currency loses more 2.0% of its value against the euro

24 January 2018

The Angolan currency, the kwanza, lost more than 2.0% of its value against the euro on Tuesday, falling to 253.7 kwanzas per euro, during the fifth currency auction carried out by the National Bank of Angola (BNA).

Following the auction on Tuesday, after those held on 9 and 16 January, as part of the new floating exchange rate system, the kwanza has already depreciated by around 27% against the euro, the benchmark currency that is the basis for the exchange rate of all other currencies.

The auction, which sold 81.8 million euros, was limited to a 2.0% variation as defined by the BNA to avoid the large depreciation that the kwanza recorded in the first two auctions of 10% and 15%, respectively.

The fifth foreign exchange auction in 2018 was attended by the same 26 commercial banks, which absorbed the amount in full, with a weighted average rate of 253.389 kwanzas per euro.

The exchange rate against the dollar was set at 206.006 kwanzas for sales and 206.539 kwanzas for purchases. (macauhub)