Angola’s currency loses more than 40% of its value against the euro

15 August 2018

The euro is now worth 306.400 Angolan kwanzas following a currency auction held on Tuesday by the National Bank of Angola that provided banks with 35 million euros, according to information from the central bank.

At the end of the session, in which rates of between 307.248 kwanzas and 305.891 kwanzas were calculated, the Angolan currency had lost 1.669% of its value, accumulating a depreciation of 40.9% since the introduction of the floating exchange regime in January.

Each dollar now costs 268.02 kwanzas and with this new price, the Angolan currency has depreciated by a total of 38% against the US currency.

The amount made available in the auction was used to cover travel, family assistance, health care, school fees, including salaries of foreign workers up to the individual monthly limit of 15,000 euros.

The single European currency surpassed the 300 kwanza mark on 31 July following two days of foreign currency auctions by the National Bank of Angola, in which 384.19 million euros were made available to commercial banks

Angolan news agency Angop reported that on the black market on Tuesday the euro was sold at 430 kwanzas and the US currency at 380 kwanzas. (macauhub)