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Angola: Kwanza undergoes a second change on latest BNA foreign currency sales

The Angola National Bank (BNA) on Tuesday held this year second auction of foreign currency, in which a new weighted average rate was determined, with the Euro worth AKZ 248.77, while the Dollar is now set at 202.61 kwanzas.

Due to the new rates determined Tuesday, the Kwanza has lost,  25% to the Euro and 18% to the Dollar since January 9.

In the auction, which had the participation of 27 commercial banks, the National Bank of Angola, offered EUR 82.6 million for sale, which was fully absorbed.

14 of the 27 participating banks contributed to the calculation of the reference exchange rate with the highest rate being AKZ 270,823 per EURO and the lowest AKz 243,387 per EURO.

In the first auction held on January 9th, as a result of the entry into force of the new floating exchange rate regime, each dollar, which in the fixed regime had a AKZ 167 rate, went up to 185 kwanzas, while each Euro went from AKZ 187 to 221.26 kwanzas.

The floating exchange rate regime is in force within the monetary and exchange rate measures of the Angola National Bank, taking into account the Executive Macroeconomic Stabilisation Program for 2018, a management tool that aims to restore the stability and sustainability of the Angolan economy.

Source: Angop

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