africa Angola Banking Currency Economy Finance

Angolan Kwanza loses 2 per cent to Euro

The Angolan Kwanza (AKZ) has just suffered a 2 per cent devaluation in relation to the Euro, now costing AKZ 253.7 for one Euro, as a result of the fifth Foreign Exchange Auction organised last Tuesday by the National Reserve Bank (BNA).

With this auction – after the ones held on 09 and 16 January, following the adoption by the BNA of the floating exchange rate regime – the overall depreciation level of the kwanza vis-a-vis the European money (now the reference foreign currency for the country’s main exchange rate) reached 27 per cent.

The auction, which made available 81.8 million Euros, was held already having into account the 2 per cent maximum and minimum oscillation limit set recently by the BNA, which commercial banks and other financial institutions must not violate in their own sales.

The fifth auction of foreign exchange in 2018 had the participation of 26 commercial banks.

Source: Angop

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