Angolan kwanza loses nearly 42% of its value against the US dollar

12 September 2018

The value of the Angolan kwanza suffered a further depreciation against the dollar, which was valued at 285.845 kwanzas when the National Bank of Angola (BNA) sold US$40 million on the primary market, the central bank said.

During the foreign currency auction open to commercial banks to cover commercial and private operations and in line with current exchange regulations, each dollar cost an additional 5.045 kwanzas.

Seventeen banks contributed to the calculation of the benchmark exchange rate, with the highest rate being 286.450 kwanzas and the lowest 285.310 kwanzas per dollar, according to a statement published on the BNA website.

Given that the dollar was worth 165.92 kwanzas on 1 January of this year, days before the National Bank of Angola adopted the floating exchange rate system, the exchange rate recorded on Monday means that the Angolan currency has lost 41.96% of its value against the US currency since then.

In this auction, the price of the kwanza against the euro remained unchanged at 329.537 kwanzas for each euro.

This month the BNA plans to sell the equivalent of US$700 million, including specific amounts for letters of credit, through eight auctions that will take place on Mondays and Wednesdays.

The amount, denomination and purposes of the currencies to be sold will be announced to commercial banks in the 24 hours prior to each auction. (macauhub)