Angola’s currency continues to depreciate against the euro

3 May 2018

Angola’s currency, the kwanza, lost 0.757% of its value against the euro on Wednesday in a currency auction in which the National Bank of Angola (BNA) sold 25.0 million euros to pay for the import of cargo transport and passenger transport vehicles, according to official information.

The session ended with the establishment of a weighted average rate of 275.337 kwanzas per euro, with 15 of the 18 participating banks offering a maximum rate of 275.865 kwanzas and a minimum of 274.683 kwanzas per euro.

With the depreciation recorded at the session on Wednesday, the kwanza has lost 32.65% of its value against the euro since the beginning of the year, when the new floating exchange rate regime was applied, with exchange rates set by currency auctions.

The rules announced at the end of January by the governor of the BNA, José de Lima Massano, changed the limits of the proposals that could be submitted by banks, which are then used to form the kwanza exchange rate against the euro. (macauhub)