Angola’s currency loses 34% of its value against the euro since January

8 June 2018

The Angolan kwanza accumulated a depreciation of 34.1% against the euro, after the auction of 25 million euros carried out on Wednesday by the National Bank of Angola (BNA), to replace the exchange position of commercial banks.

In that session an average exchange rate of 281.518 kwanzas per euro was calculated, with a variation of 1.21%, which compares with the exchange rate of 185.40 kwanzas in January, the month when BNA introduced a floating exchange rate system to replace the previous fixed rate system.

The dollar is now priced at 239 kwanzas compared to 165.92 kwanzas on 9 January, a devaluation of 30.56%.

In addition to the 25 million euros to reset the commercial banks’ foreign exchange position, the National Bank of Angola also sold 196.6 million euros to cover commercial operations (goods, services and capital) and 65.8 million euros to cover private operations (travel, education, health, family assistance and wages of foreign workers). (macauhub)