Angola’s currency records second rise against the euro since January

26 October 2018

Angola’s currency recorded the second appreciation of the year against the euro in the currency auction held on Wednesday by the National Bank of Angola, with the European currency returning to below 350 kwanzas, according to official figures.

During the auction, the Angolan currency appreciated slightly to 349.609 kwanzas per euro, after the previous auction, held on Monday, the European currency for the first time since the beginning of the year rose to a value of more than 350 kwanzas, specifically 350.019 kwanzas.

In both auctions, the National Bank of Angola put 30 million euros up for sale, which was subscribed by 14 commercial banks.

After this second slight appreciation, the kwanza lost 46.96% of its value against the euro since the beginning of the year, when the European currency was worth 185.40 kwanzas.

The almost continuous depreciation of the kwanza against the euro and the dollar has occurred since January, when the National Bank of Angola replaced the fixed exchange rate system with a floating exchange rate. (macauhub)