Angola’s currency continues to lose value against the dollar

13 September 2018

Angola’s currency continues on its downward path against the dollar, and during Wednesday’s foreign exchange session conducted by the National Bank of Angola the United States currency was worth 286.963 kwanzas, the Angolan central bank said.

At the session on Wednesday, the Angolan central bank sold US$40 million to cover commercial and private operations by commercial banks based on current exchange regulations.

Fifteen banks contributed to the calculation of the reference exchange rate, with the highest rate being 287.305 kwanzas and the lowest of 286.504 kwanzas per dollar.

As 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 Wednesday means that the Angolan currency has lost 42.19% of its value against the US currency since then.

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)