Angola’s currency continues to depreciate against the euro

6 September 2018

The second auction of foreign exchange in September by the National Bank of Angola (BNA) was held on Wednesday with the sale of 50 million euros and the kwanza registered a further depreciation against the European currency, the Angolan central bank said.

At the end of the first session, where 30 million euros were made available to commercial banks to cover commercial and private operations, a reference exchange rate of 329.537 kwanzas per euro was calculated, representing a depreciation of 5.379 kwanzas compared with the amount recorded in Monday’s auction.

On Monday, the BNA conducted the first of eight foreign exchange auctions to be held in September, with the Angolan currency worth 324.158 kwanzas per euro, a depreciation of 42.80% since the beginning of the year.

With this new depreciation, since the beginning of the year when it was listed at 185.40 kwanzas per euro, the kwanza has lost 43.73% of its value against the European currency.

The National Bank of Angola also sold 20 million euros for the final settlement of foreign exchange arrears for the period from 2014 to 2017. (macauhub)