Angola’s currency loses almost 37% of its value against the euro

5 July 2018

On Tuesday the Angolan currency registered its first depreciation against the euro in July, falling 1.45% in a currency auction carried out by the National Bank of Angola (BNA), which placed 30 million euros according to the central bank.

The BNA also reported that, following the foreign exchange auction to cover private operations (travel, family support, education, health, school fees and salaries), an exchange rate of 293.417 Kwanzas per euro was calculated.

With this depreciation, the Kwanza has already lost almost 37% of its value against the euro since the Angolan central bank decided in January to introduce a floating exchange rate system set by market forces, replacing the previous system in which the exchange rates were set by an administrative decision.

The exchange rate of the Angolan currency against the euro was 185.40 kwanzas on 1 January, and the average rate reached on Tuesday represented a depreciation of 36.92%.

The US dollar was quoted at the average rate of 251.7 kwanzas, when on 1 January it was worth 165.92 kwanzas, a depreciation in this case of 34%.

Angolan news agency Angop reported that on the black market the euro was worth 448 kwanzas on Wednesday, while the dollar was traded at 386 kwanzas. (macauhub)