Kwanza depreciates in 2018 by more than 47% against the euro and more than 46% against the dollar

2 January 2019

In 2018, Angola’s currency, the Kwanza, depreciated by 47.734% against the Euro and 46.504% against the US dollar, although it remained stable for about two months, according to data announced in Luanda by the National Bank of Angola.

On the last day of 2018, the European currency was quoted at 354,828 kwanzas per euro (on 1 January it was trading at 185.4 kwanzas per euro), which is a depreciation of more than 47%, reaching historical lows about a month and a half ago (355.057 kwanzas per euro).

Against the dollar, the Angolan currency has remained stable since the beginning of 2019, trading at 310.158 kwanzas per dollar.

On 1 January, when it stood at 165.92 kwanzas per dollar, the Angolan currency had depreciated by 46.504%.

Following the three-times-a-week sale of foreign currency by auction to commercial banks, which began on 9 January 9, the BNA has been selling currency daily since 1 November, having indicated that in December it intended to place US$1.200 billion (1.054 billion euros) on the primary market, Portuguese news agency Lusa reported.

However, according to the Portuguese news agency’s calculations in December 2018, the BNA placed US$1.45 billion, divided into US$550 million in the first week, US$575 million in the second week, US$250 million in the third and US$125 million in the fourth. (macauhub)