Angola’s currency holds its value against the euro for the second session in a row

18 July 2018

The Angolan currency held its value against the euro for the second consecutive session of foreign exchange sales, when the National Bank of Angola provided around 222.72 million euros to commercial banks on the primary market, the Angolan central bank said in a statement on Tuesday.

The currencies sold in Monday’s auction were earmarked for the settlement of arrears (goods and services), payment of salaries to foreign workers up to the equivalent of 13,500 euros, payment of various services, medicines and hospital and travel equipment.

On 13 July, the National Bank of Angola sold 100 million euros to open letters of credit to secure the import of various goods, focused on raw materials, during a session in which the kwanza also maintained its value against the euro.

The most recent change in the kwanza’s exchange rate against the euro occurred on 9 July during an auction of 82.49 million euros, when it depreciated 1.39% to 297,501 kwanzas per euro.

The 82.49 million euros sold by the National Bank of Angola went to documentary collections, documentary remittances, advances up to the amount of US$20,000 per invoice, travel, health, education and family support and salaries of foreign workers.

The kwanza has depreciated by 38.39% against the euro since January, when the National Bank of Angola changed the exchange rate regime from a fixed rate to a floating rate set by the market. (macauhub)