Angola’s currency depreciates to 258.038 kwanzas against the euro

31 January 2018

The Angolan currency suffered a depreciation of 1.707% against the euro to 258.038 kwanzas on Tuesday when the National Bank of Angola sold 192.4 million euros in currency to commercial banks, the central bank said in a statement.

The statement added that 18 of the 26 participating banks contributed to the benchmark exchange rate, with the highest rate being 258.780 kwanzas and the lowest of 254.213 kwanzas per euro.

The euros sold were used for payment of raw materials, parts, accessories and equipment (50%), insurance, telecommunications, transport and information technology (20%), agriculture livestock, fisheries and the sea (15%) and general trade with the remaining 15%.

The exchange rate of the dollar changed to an average value of 207.45 kwanzas, with a depreciation of 1.175% on the purchase and 1.192% on the sale or an average of 1.183%.

Meanwhile, the Monetary Policy Commission of the National Bank of Angola, which met last Monday, decided to keep the main benchmark interest rates in the market unchanged, including the basic interest rate or BNA Rate at 18% per year.

The commission kept the overnight Interest Rate of the Permanent Liquidity Lending Facility at 20%, the overnight Permanent Liquidity Absorption Facility at 0% and the Mandatory Reserves Coefficient on deposits in national currency at 21%.

The statement from the National Bank of Angola added that Net International Reserves fell by 6.64% in December to 13.230 billion. (macauhub)