Angola’s currency continues to depreciate against the dollar and the euro

19 September 2018

The National Bank of Angola on Tuesday carried out another currency auction, placing US$55 million on the primary market, according to an official statement.

The amount of foreign currency sold was intended to cover commercial, private transactions and arrears with proof of goods entering the country.

In the auction, a reference exchange rate of 287.226 kwanzas per dollar was calculated, with the highest allowed rate being 287.483 kwanzas and the lowest at 286.910 kwanzas per dollar.

As 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 42.23% of its value against the US currency since then.

Following the auction on Tuesday, the euro stood at 333.480 kwanzas, a real depreciation of 3.943 kwanzas compared to the exchange rate calculated on 10 September and 44.40% compared to the rate at the beginning of January, of 185.40 kwanzas per euro. (macauhub)