Africa Angola Banking Currency Economy Finance

Central bank says Angola will not devalue kwanza to stem fx shortages

Angola’s central bank will not consider devaluing the kwanza currency or introducing changes to the exchange rate regime, the governor of the bank said on Friday, as Africa’s number two oil producer struggles with shortages of foreign currency.

Bank of Angola Governor Valter Filipe da Silva said the stability of the financial system relied on controlling interest rates and taming runaway inflation, which has soared to over 40 percent.

“That is why we understand and will continue to reaffirm that at this moment there is no need to alter the exchange rate or devalue the national currency,” da Silva told journalists following a cabinet meeting at the presidential palace.

Source: Reuters

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