Angola’s currency loses 31.53% of its value against the euro since January

26 April 2018

Angola’s currency, the kwanza, has lost 31.53% of its value against the euro since the beginning of the year. An auction of 25 million euros carried out on Tuesday established a weighted average exchange rate of 270.947 kwanzas per euro, according to figures released by the National Bank of Angola (BNA).

In this auction, where the euros sold by the central bank were used to pay for services, including technical assistance, consultancy, reinsurance, licenses and patents, the kwanza lost 0.925% of its value.

The weighted average exchange rate was obtained from the purchase proposals submitted by 13 of the 25 participating banks, ranging from 273.161 kwanzas to 270.181 kwanzas for each euro.

The dollar is now quoted at an average rate of 222.156 kwanzas, compared to 165.92 kwanzas three months ago, which means that since the beginning of the year the Angolan currency has lost 5.24% of its value against the United States’ currency.

The National Bank of Angola decided on 4 January, during an extraordinary session of the Monetary Policy Commission, to adopt a floating exchange rate system with bands, replacing the previous administrative exchange rate system. (macauhub)