Euro is worth more than 300 kwanzas in Angola

2 August 2018

The euro rose to an exchange value of more than 300 kwanzas following currency auctions on Monday and Tuesday by the National Bank of Angola that provided commercial banks with 384.19 million euros, according to official information published on Wednesday in Luanda.

On Monday, the Angolan central bank put 104.15 million euros up for auction to cover private operations (travel, family assistance, health, education, salaries of foreign workers up to 15,000 euros per beneficiary and international payment cards) and advances for goods up to the limit of 25,000 euros per transaction.

This session set a weighted average exchange rate of 301.371 kwanzas per euro, with the Angolan currency depreciating 1.30%. The highest rate was 303.302 kwanzas and the lowest was 298.99 kwanzas per euro.

On the following day, the National Bank of Angola held an auction in the amount of 244.04 million euros to open and confirm letters of credit for the import of raw materials, and hospital, agricultural and fishing equipment.

With this new depreciation against the euro, the Angolan currency has lost almost 39% of its value since the application of the floating exchange regime in January, with exchange rates set by the foreign exchange auctions.

The dollar is currently worth 257.57 kwanzas, with the Angolan currency losing about 35% of its value in this case. (macauhub)